ETH Hits 3-Week Low as Bearish Momentum Increases Following The Merge – Market Updates Bitcoin News

The Merge completed on Friday and Ethereum dropped to its lowest level in three weeks. The world’s second largest cryptocurrency dropped below $1,500 today, less than 24 hours after the historic migration from proof-of-work (PoW), to a proof-of-stake (PoS) system. Bitcoin was also close to hitting a multiweek low.


Bitcoin (BTC) fell further below $20,000 on Friday, ahead of next week’s expected interest rate hike by the U.S. Federal Reserve.

BTC/USD dropped to an intraday low of $19,625.22 in today’s session, taking prices closer to a support of $19,300.

Following disappointing U.S. inflation numbers, the crypto market has been volatile the last week.

Bitcoin, Ethereum Technical Analysis: ETH Hits 3-Week Low as Bearish Momentum Increases Following The Merge
BTC/USD – Daily Chart

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

The chart shows that bitcoin’s recent decline coincides with a new floor in its 14-day relative strengths index (RSI).

Now, the index is at 43.48. The next move will be towards resistance at 46.00. If this happens, BTC could trade above $20,000.


Ethereum (ETH) was once again in the red in today’s session, as the token dropped to a two-week low.

Following a peak of $1,594.54 during yesterday’s session, ETH/USD fell to a bottom of $1,451.56 earlier today.

Ethereum moved in a way that did not clash with $1,430 as a critical support point. Bulls entered to propel prices higher.

Bitcoin, Ethereum Technical Analysis: ETH Hits 3-Week Low as Bearish Momentum Increases Following The Merge
ETH/USD – Daily Chart

As of writing, the world’s second largest cryptocurrency continues to trade close to today’s bottom, which was its lowest point since August 29.

Many believe that a reversal may occur once the current red wave has subsided. The first target of bulls is likely to be the capture of $1,500.

Next week’s Federal Open Market Committee (FOMC) meeting will likely be a key test for prices, with the potential for a 100-basis point hike on the table. As such many are uncertain how it will affect market confidence.

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Is ethereum likely to continue trading lower in the weekend? Please leave your comments.

Eliman Dambell

Eliman has a unique perspective on market analysis. He was previously a retail trading teacher and brokerage director. He currently acts as an analyst for various asset types, such as Crypto, Stocks, FX.

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