Ethereum fell below $1,900 today as the cryptocurrency market continued to react to disappointing economic data from China. July figures show that both China’s retail sales and industrial production fell short of expectations, raising fears of an upcoming global recession. Bitcoin also fell on Tuesday.
Bitcoin (BTC) traded in the red again as the cryptocurrency market continued its decline after disappointing economic data from China on Monday.
Statistics from the world’s second-largest economy show retail sales rose 2.7% last month, below expectations of 5%.
This, along with the decline in industrial production data, pushed BTC down yesterday and the selling extended into today’s session.
At the time of writing, BTC/USD has fallen to an intraday low of $23,839.77, marking the fourth consecutive decline in price.
Looking at the chart, the 14-day Relative Strength Index (RSI) is tracking 57.25, which is slightly higher than Monday’s low and could be positive for bulls hoping for a reversal.
BTC has since risen from its previous lows and is currently trading at $24,030.08.
Like Bitcoin, Ethereum (ETH) also experienced volatility during today’s session, with the token trading just below $1,900.
ETH/USD fell to a low of $1,862.74 on Tuesday. This happened less than 24 hours after the token reached his high of $1,926.60.
Today’s bottom is the lowest level since August 11, when Ethereum broke the $1,885 ceiling.
Ultimately, the bears will use it as a signal to re-enter the market with a major resistance point at $2,010 held firmly over the weekend.
Nevertheless, ETH is up almost 11% from the same point last week and the 10-day (red) moving average continues its upward trend.
Uncertainty in the global economy has affected investor confidence, but there is still a good chance that Ethereum will surpass $2,000 in the next few days.
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Will bullish momentum return to crypto this week? Leave your thoughts in the comments below.
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