Categories: Economic News

ETH Falls Below $1,900 As Markets React To Weakening Chinese Economy – Market Updates Bitcoin News

Ethereum fell below $1,900 today as crypto markets continued to react to disappointing economic data from China. Figures in July showed that both retail sales and industrial production in China had grown less than expected, raising concerns of an impending global recession. Bitcoin also declined on Tuesday.


Bitcoin (BTC) was back in the red as crypto markets continued to slide, following disappointing economic data from China on Monday.

Figures from the world’s second-largest economy showed retail sales had grown 2.7% last month, less than the 5% expected.

This, along with declining industrial production data, pushed BTC lower yesterday, and the sell-off extended into today’s session.

BTC/USD – Daily Chart

At the time of writing, BTC/USD fell to an intraday low of $23,839.77 as prices fell for the fourth session in a row.

Looking at the chart, the 14-day Relative Strength Index (RSI) stands at 57.25, which is marginally higher than Monday’s low, and could be positive for bulls awaiting a reversal.

BTC has since broken away from the previous lows and is currently trading at $24,030.08.


Like bitcoin, ethereum (ETH) also saw volatility during today’s session, with the token falling marginally below $1,900.

On Tuesday, ETH/USD fell to a low of $1,862.74, which comes less than 24 hours after the token hit a high of $1,926.60.

Today’s bottom is the lowest level at which ethereum has traded since August 11, when the price broke through the ceiling of $1,885.

ETH/USD – Daily Chart

Ultimately, the drop comes in as a key resistance point at $2,010 that held firm over the weekend, with bears using this as a signal to re-enter the market.

Despite this, ETH is up nearly 11% from the same point last week, with the 10-day moving average (red) maintaining its uptrend.

Although uncertainty in the global economy has affected investor confidence, there is still a good chance that Ethereum could break above $2,000 in the coming days.

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Will the bullish momentum return to crypto this week? Leave your thoughts in the comments below.

Elijah Dumbell

Eliman brings an eclectic point of view to market analysis, having worked as a Brokerage Director, Retail Educator and Market Commentator in Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

Exemption from liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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