ETH dips below $ 1,600 after merger completion – Bitcoin News Market Updates

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

Bitcoin

Bitcoin (BTC

) fell below $ 20,000 on Thursday as sentiment on cryptocurrencies remained bearish.

Following the US inflation data earlier this week, cryptocurrency markets have been hit by a red wave, with bitcoin down more than $ 2,500 since the start of the week.

This was reported in today’s session, with BTC/ USD this morning slipped to an intraday low of $ 19,793.40.

Bitcoin, Ethereum technical analysis: ETH drops below $ 1,600 after completion of the merger
BTC/ USD – Daily chart

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

Looking at the chart, this sell occurred when prices broke out of a key support point of $ 20,200, which was the last line of defense for the bulls.

At the time of writing, BTC the bulls responded somewhat, with the token currently trading near the aforementioned support of $ 20,150.46.

Ethereum

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

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

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

Bitcoin, Ethereum technical analysis: ETH drops below $ 1,600 after completion of the merger
ET/ USD – Daily chart

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

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Many now believe that the bears will try to drive prices down, with some expecting that a low of $ 1,550 could be the expected exit target.

Overall, volatility levels will increase over this period as uncertainty increases as to what the Merge event will mean for the value of ethereum in the future.

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Will The Merge Be Positive For Ethereum’s Price In The Long Run? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, previously he was a brokerage director and retail educator. Currently, he acts as a commentator in various asset classes, including Crypto, Stocks and FX.




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