Ethereum climbed above $1,700 in Thursday’s session as the long-awaited ‘merge’ date has finally been confirmed. According to the Ethereum Foundation blog post, the event will start on September 6th and end between September 10th and 20th. Bitcoin also rose slightly, approaching $22,000.
Bitcoin (BTC) rose on Thursday as the token continued to rally following the recent bearish streak.
The world’s largest cryptocurrency surged to a high of $21,789.64 today, breaking through key resistance levels in the process.
This resistance level is at $21,600 and is mostly holding firm despite several breakout attempts this week.
At the time of writing, the bulls appear to have opted to secure profits rather than hold on to their previous positions, moderating the previous rally somewhat.
BTC/USD is currently trading at $21,662.44, still above the cap, but the token is over $100 below today’s peak.
Today’s rise comes despite the 10-day moving average (red) continuing its downward trend.
Thursday’s big crypto story involved Ethereum (ETH), which once again broke above $1,700 earlier in the day.
ETH/USD raced to an intraday high of $1,712.55 during today’s session as the market reacted to the latest news surrounding The Merge.
In a blog post late Wednesday, the Ethereum Foundation said: With all public testnets successfully upgraded, The Merge has been scheduled for the Ethereum mainnet. ”
They added that the event will begin on September 6th and end between September 10th and 20th.
As a result of the announcement, Ethereum temporarily rose above the $1,705 resistance level and the Relative Strength Index (RSI) also rose.
The RSI has moved past the 49.50 ceiling and is now tracking 50.85 at the time of writing, its strongest reading since August 18th.
If today’s rally continues, traders will target an exit near $1,800.
Sign up for your email here to have weekly price analysis updates sent to your inbox.
Will bearish sentiment pick up on Ethereum in the coming days? Leave your thoughts in the comments below.
image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. NEITHER THE COMPANY NOR THE AUTHOR WILL BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY DAMAGE OR LOSS ARISING OR ALLEGED TO OCCUR ARISING OUT OF OR RELATING TO YOUR USE OF OR RELIANCE ON ANY CONTENT, PRODUCTS OR SERVICES DESCRIBED IN THIS ARTICLE. We are not responsible.
ETH Has Exceeded $1,700 As A “Merge” Date Confirmed – Market Update Bitcoin News
Source link ETH Has Exceeded $1,700 As A “Merge” Date Confirmed – Market Update Bitcoin News