Ethereum fell below $1,900 earlier today, as crypto markets continued to react to disappointing economic data from China. Data for July showed that both retail sales and industrial output grew lower than expected in China, raising concerns about an upcoming global recession. Bitcoin also declined on Tuesday.
Bitcoin
Bitcoin (BTC) was once again trading in the red as crypto markets continued to fall, following disappointing economic data from China.
Data from the world’s second-largest economy showed retail sales grew by 2.7% last month, down from an estimated 5%.
This, coupled with a drop in industrial production data, pushed BTC down yesterday, and the sell-off extended into today’s session.
At the time of writing, BTC/USD fell to a one-day low of $23,839.77 as the price fell for the fourth consecutive session.
Looking at the chart, the 14-day Relative Strength Index (RSI) is tracking at 57.25, slightly higher than Monday’s low, and could turn positive for bulls expecting a reversal.
BTC has since climbed higher from previous lows and is currently trading at $24,030.08.
Ethereum
Like Bitcoin, Ethereum (ETH) also experienced volatility during today’s session, with the token falling marginally below $1,900.
On Tuesday, ETH/USD declined to a low of $1,862.74, marking the coin’s high of $1,926.60 in less than 24 hours.
Today’s low is Ethereum’s lowest level since August 11, when the price broke the $1,885 range.
Finally, the decline comes as a key resistance point at $2,010 over the weekend, with the bears using it as a signal to re-enter the market.
Despite this, ETH is up almost 11% from the same point last week, with the 10-day (red) moving average maintaining its uptrend.
Although uncertainty in the global economy has dented investor confidence, there is still a good chance that Ethereum could move beyond $2,000 in the coming days.
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