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

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

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

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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.

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