ETH Nears 2-Month Low, as Post-Merge Sell-Off Continues – Market Updates Bitcoin News

Ethereum continued to fall on Saturday, as the token’s post-Merge sell-off intensified to start the weekend. Prices of the world’s second largest cryptocurrency fell to their lowest level since July, as bearish sentiment in the market remained high. Bitcoin traded below $20,000.


Bitcoin (BTC), once more trading below $20,000 as the bearish sentiment in Bitcoin remained to the start of the weekend.

BTC/USD fell to $19,400.08 intraday earlier today, which was a low that historically has been a floor for prices.

Bulls returned to the market after the crash with the support point. They attempted, briefly, to take prices up as high as $20,021.74.

Bitcoin, Ethereum Technical Analysis: ETH Nears 2-Month Low, as Post-Merge Sell-off Continues
BTC/USD – Daily Chart

Due to the volatility of Bitcoin, prices have moved down from their highs. BTC is currently trading at $19854.17, as of this writing.

On the chart you can see that the 14-day relative power index (RSI), is still tracking close to a floor at 41.10.

Some don’t believe there will be any major moves in bitcoin before the index begins moving away from the current point and climbing towards the 50.00 mark.


This week has seen volatility post- and pre-Merge, which caused prices to drop by more than $300.

Although ETH/USD opened this week trading at $1783, it reached its lowest point today, $1,415.58.

This caused ethereum to fall below $1,430 as its support level, and hit its lowest point since July 26, 2017.

Bitcoin, Ethereum Technical Analysis: ETH Nears 2-Month Low, as Post-Merge Sell-off Continues
ETH/USD – Daily Chart

You can see that the chart indicates the decline of the RSI as it collided at the 38.70 mark with a support.

The landing spot helped to stabilize the prices and has temporarily halted the bleeding.

If the floor were to be broken, bears would likely look for $1,350 levels as potential exit points.

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Are you expecting a further drop in ethereum over the weekend? Comment below to share your views.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has previously been a broker director and an educator in retail trading. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.

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