ETH Back Above $1,700 As ‘Merge’ Date Confirmed – Market Updates Bitcoin News
Ethereum was back above $1,700 in Thursday’s session, as the date for the long-awaited “Merge” was finally confirmed. A blog post from the Ethereum Foundation stated that the event will begin on September 6th, and finish between September 10th and 20th. Bitcoin also moved marginally higher as it continued to approach $22,000.
Bitcoin
Bitcoin (BTC) edged higher on Thursday as the token continued to rebound after a recent bearish streak.
The world’s largest cryptocurrency rose to a high of $21,789.64 today, breaking out of a key resistance level in the process.
This resistance level was at $21,600, and has largely held firm despite several breakout attempts this week.
At the time of writing, previous gains have faded somewhat, and bulls appear to have chosen to secure profits rather than maintain previous positions.
BTC/USD is currently trading at $21,662.44, which while still above the ceiling, sees the token over $100 lower than today’s high.
Today’s rally comes despite the 10-day (red) moving average continuing to trend down.
Ethereum
The big crypto story on Thursday was with ethereum (ETH), which once again climbed above $1,700 earlier in the day.
ETH/USD rallied to an intraday high of $1,712.55 during today’s session as markets reacted to the latest news surrounding The Merge.
In a blog post late Wednesday, the Ethereum Foundation stated that “After years of hard work, Ethereum’s proof-of-stake upgrade is finally here! The successful upgrade of all public testnets is now complete and the merger is planned for the Ethereum mainnet.
They added that the event will start on September 6 and end between September 10 and 20.
As a result of the announcement, Ethereum briefly broke out of the $1,705 resistance level, with the Relative Strength Index (RSI) also climbing.
The RSI moved past the ceiling at 49.50, and at the time of writing it is trailing at 50.85, which is the strongest reading since August 18.
Should today’s rally continue, traders will likely aim for an exit near the $1,800 level.
Register your email here to get weekly price analysis updates delivered to your inbox:
Will we now see bearish sentiment rise in 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. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
