Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,600 Following Completion of The Merge

Ethereum fell below $1,600 on Thursday, despite the successful completion of the highly anticipated Merge event. The event saw a migration from proof-of-work (PoW), to a proof-of-stake (PoS) system. Bitcoin was also lower in today’s session, with the token falling below the $20,000 level.

Bitcoin

Bitcoin (BTC) fell below $20,000 on Thursday, as sentiment surrounding cryptocurrencies remained bearish.

Following U.S. inflation data earlier this week, crypto markets have been hit with a red wave, with bitcoin falling by over $2,500 since the start of the week.

This carried over into today’s session, with BTC/USD slipping to an intraday low of $19,793.40 earlier this morning.

The decline comes less than a day after the world’s most valuable token traded at a peak of $20,370.00.

Looking at the chart, this sell-off took place as prices broke out of a key support point of $20,200, which was the last line of defense for bulls.

As of writing, BTC bulls have somewhat responded, with the token currently trading close to the aforementioned support of $20,150.46.

Ethereum

The world’s attention was on The Merge on Thursday, as ethereum (ETH) migrated from proof-of-work (PoW), to a proof-of-stake (PoS) system.

As a result of Thursday’s highly anticipated switchover, it is reported that worldwide electricity consumption will be reduced by 0.2%.

Despite this, ETH/USD fell to an intraday low of $1,572.60, as markets seemed to have already priced in the move.

Following the completion of The Merge, ethereum fell below a temporal support point of $1,615, pushing price closer to a one-week low.

Many now believe that bears will attempt to send prices lower, with some expecting that a floor of $1,550 could be the intended exit target.

Overall, levels of volatility will rise over this period, as uncertainty heightens on what the Merge event will mean for the value of ethereum going forward.

Register your email here to get weekly price analysis updates sent to your inbox:

Will The Merge be positive for the price of ethereum in the long run? Leave your thoughts in the comments below.

Related Posts

Net Bitcoin ATMs growth drops globally for the first time ever

Data on net changes of crypto ATM installations confirm that, in September, 796 crypto ATMs were pulled off from the global network. The domino effect of a…

Cardano reaches 3.9m wallet addresses and invests $200m to boost ecosystem – ADA about to explode

Cardano’s founding entity (Emurgo) will invest these funds in various projects over the next three years. Cardano’s wallet addresses surpass 3.9 million, but ADA price is still…

A Decade Later, Ross Ulbricht’s Silk Road Sentencing Demonstrates The Government’s Fear Of Bitcoin

Silk Road Founder Ross Ulbricht’s excessive 2013 sentencing betrays the U.S. government’s fear of Bitcoin and dollar competition. This is an opinion editorial by Aaron Daniel, an appellate…

Bitcoin Volume Spikes With Market Uncertainty In The UK

Is bitcoin diverging from traditional markets? Are people starting to wake up to the fact that the fiat system will not save them in times of crisis?…

Not Again: Solana (SOL) Down 4% as It Suffers Another Outage

Solana network is back online after experiencing another outage that had it offline for six hours during the early hours of October 1. Solana Status revealed that the…

Block’s TBD Partners With Circle to Create Global Fiat-Crypto Bridges

TBD – a Bitcoin-focused wing of Jack Dorsey’s payments company Block – has partnered with Circle to help expand on and off ramps between the worlds of…

Generated by Feedzy