Ethereum was back above $1,700 in Thursday’s session, as the date for the long-awaited “Merge” was finally confirmed. The Ethereum Foundation announced in a blog that the event would begin September 6 and end September 10. Bitcoin moved marginally higher as it remained close to $22,000
Bitcoin
Bitcoin (BTC), which rose on Thursday after a bearish trend, continued its rebound.
The world’s largest cryptocurrency surged to a high of $21,789.64 today, breaking out of a key resistance level in the process.
This resistance level, which was $21,600 at the time of writing, has largely held steady despite numerous breakout attempts during this week.
The bulls appear to have decided to make profits and not to maintain their previous positions as of this writing.
BTC/USD is currently trading at $21,662.44, which although is still above the ceiling, sees the token over $100 lower than today’s peak.
Today’s rally comes despite the 10-day (red) moving average continuing to trend in a downward direction.
Ethereum
Thursday’s big crypto news was about ethereum, which rose above $1,700 from earlier that day.
ETH/USD raced to an intraday high of $1,712.55 during today’s session, as markets reacted to the latest news surrounding The Merge.
In a blog post late on Wednesday, the Ethereum Foundation stated that, “Following years of hard work, Ethereum’s proof-of-stake upgrade is finally here! The successful upgrade of all public testnets is now complete, and The Merge has been scheduled for the Ethereum mainnet”.
The organizers stated that the event would begin on September 6th and run until September 20th.
Ethereum temporarily broke through the $1,705 resistance level, with the relative strengths index (RSI), climbing.
The RSI surpassed its ceiling at 49.50. As of this writing, it is at 50.85. It is now its strongest reading since August 18.
Should today’s rally continue, traders will likely be targeting an exit close to the $1,800 level.
Get weekly price analysis emails sent straight to your inbox by registering your email
Is it possible that we will see bearish sentiment increase in ethereum over the coming days. Comment below to share your views.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerInformational: It does not constitute an offer, solicitation, or recommendation of buying or selling any goods, services or companies. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or be attributed to the author or the company.