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ETH Has Exceeded $1,700 As A “Merge” Date Confirmed – Market Update Bitcoin News

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

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.

BTC/USD – daily chart

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.

ethereum

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.

ETH/USD – daily chart

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.

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Will bearish sentiment pick up on Ethereum in the coming days? Leave your thoughts in the comments below.

Elliman Dumbbell

Having worked as a brokerage director, retail trading educator, and market commentator for cryptocurrencies, equities and FX, Eliman brings an eclectic perspective to market analysis.




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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

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