Bitcoin, Ethereum Technical Analysis: ETH Above $1,600 as "Bellatrix" Hard Fork Commences
Ethereum rallied on Tuesday, as founder Vitalik Buterin confirmed a part of the “Merge” event was commencing today. In a tweet he stated: “What’s happening today is the Bellatrix hard fork, which prepares the chain for the merge.” Bitcoin was also higher, as it traded near $20,000. Bitcoin
Bitcoin (BTC) briefly rose above $20,000 on Tuesday, as the token marginally increased in price following recent lows.
After hitting a bottom of $19,673.05 on Monday, BTC/USD surged to a peak of $20,155.27 earlier in today’s session.
Today’s move once again saw bitcoin fail to break out of its short term ceiling at $20,230, which has been in place since August 26. BTC/USD – Daily Chart
Looking at the chart, it appears that another resistance point has been in place during this period, with the 14-day relative strength index (RSI) also failing to break out of its ceiling.
As of writing, the RSI is tracking at 37.54, which is marginally below the aforementioned resistance point of 38.00.
Should price strength eventually move past this point, then we could see BTC make a run towards $21,000. Ethereum
Today’s big story has been ethereum, which rose as the much anticipated Merge edged closer.
Ethereum founder Vitalik Buterin today tweeted: “The merge is still expected to happen around Sep 13-15”.
He added that, “What’s happening today is the Bellatrix hard fork, which prepares the chain for the merge.” ETH/USD – Daily Chart
Following these tweets, ETH/USD surged in today’s session, rallying to a peak of $1,670.71 earlier in the day.
This is the highest point ethereum has hit since August 26, and takes the token closer to a ceiling of $1,700.
As a result of today’s price jump, the RSI has now risen to its strongest point in over three weeks, with a current reading of 54.70.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
Could the merge event see ethereum climb to as high as $2,000? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Renault Inks Partnership With The Sandbox to Bring Automotive Experiences to the Metaverse NEWS | 12 hours ago Binance to Drop USDC Trading Pairs, Plans to Auto-Convert Specific Stablecoin Balances to BUSD NEWS | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, Alexey Smyshlyaev / Shutterstock.com Previous articleRenault Inks Partnership With The Sandbox to Bring Automotive Experiences to the Metaverse Next articleStablecoin USDN Trades Below $1 Parity for 14 Days in a Row, Token Taps $0.91 Low This Week Show comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade