Bitcoin, Ethereum Technical Analysis: ETH Hits 3-Week Low as Bearish Momentum Increases Following The Merge

Bitcoin, Ethereum Technical Analysis: ETH Hits 3-Week Low as Bearish Momentum Increases Following The Merge


Ethereum moved to a three-week low on Friday, as market sentiment remained bearish following the completion of The Merge. The world’s second largest cryptocurrency dropped below $1,500 today, less than 24 hours after the historic migration from proof-of-work (PoW), to a proof-of-stake (PoS) system. Bitcoin also neared a multi-week low.

Bitcoin

Bitcoin (BTC) fell further below $20,000 on Friday, ahead of next week’s expected interest rate hike by the U.S. Federal Reserve.

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BTC/USD dropped to an intraday low of $19,625.22 in today’s session, taking prices closer to a support of $19,300.

Crypto markets have been turbulent for the majority of the week, following disappointing U.S. inflation data.

The decline comes less than a day after the world’s most valuable token traded at a peak of

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