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), which briefly rose above $20,000 after recent lows, was temporarily higher on Tuesday.
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.
The chart shows that there has been another resistance point during the period. The 14-day relative strength indicator (RSI), however, failed to breach its ceiling.
At the time of writing, the RSI was at 37.54. That is just marginally lower than the resistance of 38.00.
If the price of Bitcoin rises above this level, we might see it reach $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.”
Following these tweets, ETH/USD surged in today’s session, rallying to a peak of $1,670.71 earlier in the day.
This represents the highest point of ethereum since August 26, which brings it closer to the ceiling at $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.
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The merger could see ethereum rise to $2,000 Comment below to share your views.
Images CreditsShutterstock.com – Pixabay. Wiki commons. Alexey Shmyshlyaev