[ad_1]
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 also declined, as bullish sentiment surrounding The Merge faded.
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.
Following a peak of $20,155.27 on Tuesday, BTC/USD dropped to an intraday low of $18,644.47 on hump day.
The move saw bitcoin fall to its lowest point since June 18, and came as prices declined as BTC neared its ceiling of $20,230.
Looking at the chart, the drop saw BTC move from that ceiling, to eventually break out of a support level of $19,500.
As of writing, the token is now trading close to a lower floor at $18,600, which is an area where bulls have so far attempted to uphold support.
The relative strength index (RSI) is currently tracking below 30, and is near its weakest point in nearly four months.
Ethereum
A day after surging, ethereum (ETH) was back in the red, as bullish sentiment surrounding The Merge event faded.
Yesterday saw ETH/USD surge to a high of $1,670.71, following a tweet from co-founder Vitalik Buterin.
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 used this news as a signal to enter, however, it now seems that some have liquidated earlier positions, opting rather to secure profits.
As of writing, ETH has fallen to a low of $1,500.01 on Wednesday, breaking out of its floor of $1,550 in the process.
Momentum now looks to be bearish, with some suggesting that prices could fall to a support level of $1,430 in coming days.
Register your email here to get weekly price analysis updates sent to your inbox:
Will we see prices of ethereum fall despite the upcoming merge? Leave your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
[ad_2]
Source link