On Thursday, Ethereum dropped below $1,600 despite the completion of the much-anticipated Merge event. This event saw the transition from proof-of work (PoW) to a proof of stake (PoS). The token fell below the $20,000 mark in today's session.
Bitcoin
Bitcoin (BTC), which fell below $20,000 Thursday due to bearish sentiment around cryptocurrencies.
The crypto markets were hit by a red tsunami following the release of U.S. inflation data this week. Bitcoin has fallen more than $2,500 since the beginning of the week.
This trend continued into today's session with BTC/USD falling to an intraday low at $19,793.40 this morning.
This decline is less than one day after the highest-valued token in the world was traded for $20,370.00.
The chart shows that this sell-off occurred when prices broke through a key support level of $20,200 which was the last line for bulls.
BTC bulls seem to have responded somewhat as of writing. The token is currently trading near the support of $20.150.46.
Ethereum
The Merge was Thursday's focus as ethereum, (ETH), moved from proof-of work (PoW) to a proof of stake (PoS).
It is expected that the world's electricity consumption will drop by 0.2% as a result of Thursday’s eagerly awaited switchover.
Despite this, the intraday low for ETH/USD was $1,572.60. Markets seemed to have priced in the move.
After completion of The Merge, the temporal support level of $1,615 was reached, pushing ethereum closer to a one week low.
Many believe bears will try to lower prices, and some think a $1,550 floor could be their exit target.
As uncertainty increases about what the Merge event will have on the future value of ethereum, volatility will increase.
Sign up here to receive weekly price analysis updates to your inbox:
Is The Merge a positive development for the price of Ethereum over the long-term? Comment below to share your thoughts.
—————————————————————————————————————————————————————————————–
By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,600 Following Completion of The Merge
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-eth-drops-below-1600-following-completion-of-the-merge/
Published Date: Thu, 15 Sep 2022 13:30:03 +0000
Related posts:
Predictions For Bitcoin And World Markets With The Upcoming FOMC Meeting
4 Crypto Tokens Reap Hashpower From The Merge, ETC Secures Most of the Hashrate Leaving ETH
Celer Bridge incident analysis
Bitcoin, Ethereum Technical Analysis: ETH Hits 3-Week Low as Bearish Momentum Increases Following The Merge
