The largest cryptocurrency in the world has been on a downward trend all week, but today's decline was more than any of the prior losses. The price of one token of Ethereum dropped below $1,700 for the first time in almost 10 days, bringing the cryptocurrency's whole price down into the negative.
On Friday, the price of Bitcoin (BTC) went down for a seventh straight session, even though the token had earlier in the day broken free of a significant price floor.
The Bitcoin to US Dollar exchange rate dropped to an intraday low of $21,718.54 on Friday, which caused the currency to fall below its previous support point at $22,600.
Because of this move, the value of the cryptocurrency that is considered to be the most valuable in the world dropped to a level not seen since July 27, and it came dangerously close to breaking below the $21,150 support level.
As can be seen from the chart, the decline occurred at the same time as the relative strength index (RSI) for 14-days dropped below its own ceiling of 46.
The current value of the index is 37.87, which not only places it in oversold territory but also represents the lowest point that the RSI has reached in well over a month's time.
Bears appear to be seeking to reclaim a floor at 34.95, despite the fact that the market has already been oversold. If they are successful, the price of bitcoin might go below $21,000.
Along with Bitcoin (BTC), ethereum (ETH) had a significant price decline throughout today's session, with prices falling below $1,700 at one point.
Earlier on in today's trading session, the Ethereum to US Dollar exchange rate hit a session low of $1,695.15, following a widespread sell-off across cryptocurrency markets.
Since the 10th of August, when the currency of ETH proceeded to hit a floor of $1,705, this is the lowest level at which ETH has traded.
As a result of today's movement, the token is now trading a hair's breadth below this support level, and the RSI has also fallen below an important floor.
As this article is being written, the relative strength of ethereum is tracking at 47, which, similar to bitcoin, is the weakest point since the middle of July.
In the event that this downward trend continues, there is a good chance that bears in the ETH market will attempt to drive prices to a lower price floor of $1,600.