Bitcoin, Ethereum Technical Analysis: BTC Drops by Over $2,000 in the Last 24 Hours

Bitcoin, Ethereum Technical Analysis: BTC Drops by Over $2,000 in the Last 24 Hours

Cryptocurrency prices plunged in today’s session, as markets reacted to the latest U.S. inflation report. Bitcoin fell by over $2,000 in the last 24 hours, as consumer prices fell by less than expected in the United States. Ethereum was also in the red, as the token dropped below $1,600. Bitcoin

Bitcoin (BTC) was trading lower in today’s session, as markets continued to react to the latest U.S. inflation report.

Following a peak of $22,673.82 on Tuesday, BTC/USD dropped to an intraday low of $20,062.67 earlier today.

Markets had expected August’s consumer price index (CPI) to come in at 8.1%, down from 8.5% the month prior. BTC/USD – Daily Chart

However, with the CPI coming in at 8.3%, traders’ confidence faded, leading to a bloodbath across the crypto market.

Looking at the chart, this sell-off took place following a false breakout of the $22,600 resistance point, with prices now hovering around a key support point.

As of writing, BTC/USD is trading at $20,164.21, which is marginally below a floor of $20,600.

Should bearish sentiment remain throughout the day, we could potentially see traders target a lower support level of $19,300. Ethereum

Ethereum (ETH) was also subjected to the bearish onslaught, as the token fell below $1,600 the day before the anticipated start of The Merge event.

Less than 24 hours after hitting a high of $1,637.05, the world’s second largest cryptocurrency dropped to a bottom of $1,564.03 on Wednesday.

The drop in ETH/USD sees the token hit its lowest point in the last week, taking it close to a long-term floor of $1,550 in the process. ETH/USD – Daily Chart

Bulls have so far resisted a breakout below this point, with many choosing to reenter and buy the current dip.

As of writing, ethereum is currently trading at $1,594.08, with bulls likely hoping to take prices back above $1,600.

Many still expect that ETH will rally in upcoming days, remaining optimistic about tomorrow’s Merge, and the long-term implications it could have.

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Do you expect sentiment in ethereum to shift in the coming days? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: ETC Trading Below $40.00 Ahead of Thursday"s Merge Event MARKET UPDATES | 8 hours ago Biggest Movers: LTC Hits Highest Point Since June, as APE Climbs to 3-Week High MARKET UPDATES | 1 day ago

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