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ETC, UNI Fall To 2-Month Lows On Monday – Market Update Bitcoin News

Ethereum Classic fell to a two-month low early in the week as the crypto market continues to fall. Uniswap also fell to a multi-month low on Monday as the token reached its weakest level since July. As of this writing, the global cryptocurrency market capitalization has fallen by 5.08%.

Ethereum Classic (ETC)

Ethereum Classic (ETC) is one of Monday’s most notable moves as the token fell more than 12% earlier in the week.

Following the weekend high of $33.41, ETC/USD fell to an intraday low of $27.91 today.

Less than a week after Ethereum Classic traded above $40.00, the drop preceded last Wednesday’s merge.

Biggest move: ETC, UNI fall to 2-month lows on Monday
ETC/USD – daily chart

Monday’s drop moved ETC to its lowest point since July 27, when the token was trading near $24.00.

At the time of writing, the previous price drop has eased and ETC is now above $30.00.

After a brief breakout, the 14-day Relative Strength Index (RSI) is also slightly above the 40.95 support.

Uniswap (UNI)

Similar to Ethereum Classic, UNI also started the week in the red as the token neared a multi-month low.

On Monday, UNI/USD fell below the $5.50 support point to $5.42.

Similar to ETC, this is the lowest level UNI has hit since July, but the bottom occurred on July 11th in this example.

Biggest move: ETC, UNI fall to 2-month lows on Monday
UNI/USD – daily chart

Looking at the chart, the sell has pushed the RSI to the 36.15 floor, which the bears are using as a signal to secure their previous gains.

Currently, UNI is trading high, with the price trying to break above the aforementioned support point of $5.50.

If this happens, bullish sentiment will likely start to return, and traders will likely push the token above $6.00.

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Will Wednesday’s interest rate decision have a significant impact on cryptocurrency prices? Let us know your thoughts in the comments.

Elliman Dumbbell

Eliman brings an eclectic perspective to market analysis. He was previously a brokerage director and retail trading educator. Currently, he is a commentator on various asset classes including cryptocurrencies, equities and forex.

image credit: Shutterstock, Pixabay, Wiki Commons

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ETC, UNI Fall To 2-Month Lows On Monday – Market Update Bitcoin News

Source link ETC, UNI Fall To 2-Month Lows On Monday – Market Update Bitcoin News

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