ETC, UNI Slip to 2-Month Lows on Monday – Market Updates Bitcoin News

Ethereum classic fell to a two-month low earlier in the week, as prices in the cryptocurrency market continued to decline. Uniswap also fell to a multi-month low on Monday, as the token hit its weakest level since July. As of writing, the global crypto market cap is down 5.08%

Ethereum Classic (ET CETERA)

Classic Ethereum (ET CETERA) was one of the most notable movers on Monday, as the token dropped more than 12% at the start of the week.

Following the high of $33.41 during the weekend, ET CETERA/USD fell to an intraday low of $27.91 earlier today.

The drop comes less than a week after ethereum classic was trading above $40.00, prior to last Wednesday’s Consolidation.

Biggest mover: ETC, UNI slide to 2-month low on Monday
ET CETERA/USD – Daily Chart

Reduced on Monday ET CETERA moved to its lowest point since July 27, when the token was trading near $24.00.

As of writing, the previous drop in price has eased, with ET CETERA now back above the $30.00 mark.

After a brief breakout, the 14-day relative strength index (RSI) is also tracking slightly above its own support at 40.95.

Uniswap (UNI)

Like ethereum classic, UNI was also in the red at the start of the week, as the token moved closer to multi-month lows.

On Monday, UNI/USD found itself trading below the support point of $5.50, with the price dropping to as low as $5.42.

Similar to ET CETERAthis is the lowest level UNI has reached since July, however in this case the bottom happened on 11/7.

Biggest mover: ETC, UNI slide to 2-month low on Monday
UNI/USD – Daily Chart

Looking at the chart, the sell-off has resulted in the RSI hitting a floor of 36.15, with the bears using this as a signal to secure previous gains.

UNI is currently trading higher, with the price almost climbing above the aforementioned support point of $5.50.

If this happens, optimism is likely to start to return, with traders likely looking to push the token above $6.00.

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

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, formerly a brokerage director and retail trading educator. Currently, he works as a commentator on various asset classes, including Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

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