Bitcoin, Ethereum Technical Analysis: ETH Nears 2-Month Low, as Post-Merge Sell-Off Continues
Ethereum continued to fall on Saturday, as the token’s post-Merge sell-off intensified to start the weekend. Prices of the world’s second largest cryptocurrency fell to their lowest level since July, as bearish sentiment in the market remained high. Bitcoin was also lower today, once again trading below $20,000. Bitcoin
Bitcoin (BTC) was once again trading below $20,000, as bearish sentiment in the token remained to start the weekend.
BTC/USD slipped to an intraday low of $19,400.08 earlier in the day, which is a level that has historically been a price floor.
Following the collision with this support point, bulls reentered the market, attempting, and being briefly successful, in taking prices to a high of $20,021.74. BTC/USD – Daily Chart
As a result of the high level of volatility, prices have since moved away from those highs, with BTC currently trading at $19,854.17 as of writing.
Looking at the chart, the 14-day relative strength index (RSI) continues to track near a floor of 41.10.
Some do not expect any significant moves in bitcoin until the index moves away from this point, and starts climbing towards a ceiling at the 50.00 level. Ethereum
It has been a turbulent week for ethereum (ETH), as volatility pre and post-Merge sent prices down by over $300.
ETH/USD started the week trading at a high of $1,783, however it fell to a bottom of $1,415.58 earlier today.
The move saw ethereum fall below its support point of $1,430, hitting its lowest point since July 26 in the process. ETH/USD – Daily Chart
As seen from the chart, the decline came as the RSI collided with a support of its own, at the 38.70 mark.
This landing spot has helped stabilize prices, with the earlier bleeding somewhat halted for the time being.
If we were to see this floor broken, then it is likely that bears will look to target the $1,350 level as a potential exit point.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
Do you expect further decline within ethereum this weekend? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Historical Bitcoin Price Trends Are Traditionally Bearish in September, While BTC Market Revivals Follow in October MARKET UPDATES | 6 hours ago Biggest Movers: LUNC up 20% on Saturday, XRP Moves Towards 1-Week High MARKET UPDATES | 9 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleExaminer Appointed to Celsius Bankruptcy Case, Crypto Lender Files for Access to $23M in Stablecoins Next articleBiggest Movers: LUNC up 20% on Saturday, XRP Moves Towards 1-Week High Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing