On Saturday, Ethereum fell further as the post-Merge selloff intensified to begin the weekend. The prices of the second-largest cryptocurrency in the world fell to their lowest level since July. However, bearish sentiment remained high. Bitcoin traded below $20,000.
Bitcoin (BTC), which was trading at $20,000, had a bearish sentiment to begin the weekend.
BTC/USD fell to $19,400.08 intraday earlier in the day. This is a level which has historically been a floor for prices.
Bulls returned to the market after the crash with this support level. They attempted, and were briefly successful in taking prices up to $20,021.74.
Due to the volatility of Bitcoin, prices have moved away from their highs. BTC is currently trading at $19854.17 at the time of writing.
The chart shows that the 14-day relative power index (RSI), is still tracking close to a floor of 41.10.
Many don't expect significant bitcoin moves until the index starts moving away from this level and begins climbing towards the ceiling at the 50.00 mark.
This week has been turbulent for ethereum, as volatility post-Merge and pre-Merge caused prices to drop by more than $300
The ETH/USD pair opened the week trading at $1,783, but it dropped to $1,415.58 today.
This caused ethereum to fall below $1,430 as its support level, and hit its lowest point since July 26th.
The chart shows that the decline occurred when the RSI met with a support at the 38.70 mark.
The landing spot has stabilized prices and the earlier bleeding was somewhat stopped for now.
If this floor is broken, it is possible that bears will target $1,350 as an exit point.
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By: Eliman Dambell
Title: Bitcoin, Ethereum Technical Analysis: ETH Nears 2-Month Low, as Post-Merge Sell-Off Continues
Sourced From: news.bitcoin.com/bitcoin-ethereum-technical-analysis-eth-nears-2-month-low-as-post-merge-sell-off-continues/
Published Date: Sat, 17 Sep 2022 12:03:00 +0000