Bitcoin fell below $19,000 on Wednesday, as the token failed to break out of a key resistance level during yesterday’s session. As a result of today’s sell-off, prices are now at their lowest point since June. Ethereum declined as the bullish sentiment around The Merge waned.
Bitcoin
Bitcoin (BTC) fell to its lowest level since June earlier in today’s session, a day after the token failed to break out of a key resistance point.
On Tuesday’s peak, Bitcoin/USD hit $20,155.27. The intraday low was $18,644.47, on the hump day.
This move caused bitcoin to fall to the lowest level since June 18th, and prices fell as BTC neared $20,230.
The chart shows that BTC fell from the ceiling and eventually broke out of the $19,500 support level.
At $18,600 the price of the token was close to its lower floor as at writing. That is where the bulls had so far tried to hold support.
The relative strength indicator (RSI), which is now below 30 is at its lowest point in almost four months.
Ethereum
One day after surging, the ETH (ethereum) traded back into red as bearish sentiment about The Merge fell.
Following a tweet by Vitalik Buterin, co-founder of Ethereum/USD, the price of ETH/USD soared to $1670.71 yesterday.
Buterin confirmed that “The merge is still expected to happen around Sep 13-15”, adding: “What’s happening today is the Bellatrix hard fork, which *prepares* the chain for the merge”.
Bulls saw this as an opportunity to enter. However, some investors may have sold their earlier positions to make way for more profits.
As at Wednesday writing, ETH fell to $1.500.01 below its ceiling of $1.550.
Momentum appears to be bearish now, and some suggest that prices may fall below $1,430 support in the coming days.
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Were we going to see ethereum prices fall even though the merger is imminent? Please leave your comments.
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