Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,600 Following Completion of The Merge

Ethereum fell below $1,600 on Thursday, despite the successful completion of the highly anticipated Merge event. The event saw a migration from proof-of-work (PoW), to a proof-of-stake (PoS) system. Bitcoin was also lower in today’s session, with the token falling below the $20,000 level.


Bitcoin (BTC) fell below $20,000 on Thursday, as sentiment surrounding cryptocurrencies remained bearish.

Following U.S. inflation data earlier this week, crypto markets have been hit with a red wave, with bitcoin falling by over $2,500 since the start of the week.

This carried over into today’s session, with BTC/USD slipping to an intraday low of $19,793.40 earlier this morning.

The decline comes less than a day after the world’s most valuable token traded at a peak of $20,370.00.

Looking at the chart, this sell-off took place as prices broke out of a key support point of $20,200, which was the last line of defense for bulls.

As of writing, BTC bulls have somewhat responded, with the token currently trading close to the aforementioned support of $20,150.46.


The world’s attention was on The Merge on Thursday, as ethereum (ETH) migrated from proof-of-work (PoW), to a proof-of-stake (PoS) system.

As a result of Thursday’s highly anticipated switchover, it is reported that worldwide electricity consumption will be reduced by 0.2%.

Despite this, ETH/USD fell to an intraday low of $1,572.60, as markets seemed to have already priced in the move.

Following the completion of The Merge, ethereum fell below a temporal support point of $1,615, pushing price closer to a one-week low.

Many now believe that bears will attempt to send prices lower, with some expecting that a floor of $1,550 could be the intended exit target.

Overall, levels of volatility will rise over this period, as uncertainty heightens on what the Merge event will mean for the value of ethereum going forward.

Register your email here to get weekly price analysis updates sent to your inbox:

Will The Merge be positive for the price of ethereum in the long run? Leave your thoughts in the comments below.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
On Key

Related Posts

US Court Authorizes IRS to Issue Summons for Crypto Investors’ Records

The Internal Revenue Service (IRS) has obtained a “court order authorizing summons for records relating to U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions.” The IRS commissioner commented: “The government’s ability to obtain third-party information on those failing to report their gains from digital assets remains a critical tool in catching

Jihan Wu-Backed Crypto Miner Bitdeer Acquires ‘Singapore’s Fort Knox’ for $28.4 Million

Sources have disclosed that the digital currency mining operation, Bitdeer Technologies, has purchased a high-security storage and display facility in Singapore called Le Freeport for $28.4 million. Bitdeer’s chairman, Jihan Wu, confirmed the vault acquisition via a text message following the reports that revealed the mining firm purchased Le Freeport. Bitdeer Purchases Maximum Security Vault