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ETH Drops Below $1,600 Following Completion of The Merge – Market Updates Bitcoin News


Ethereum dipped below $1,600 on Thursday, despite successfully completing the highly anticipated Merge event. The event saw the transition from a proof-of-work (PoW) system to a proof-of-stake (PoS) system. Bitcoin is also lower in today’s trading session, with the token dipping below $20,000.

Bitcoin

Bitcoin (BTC) fell below $20,000 on Thursday, as sentiment around the cryptocurrency remained bearish.

Following US inflation data earlier this week, the crypto market has been hit by a red wave, with bitcoin down more than $2,500 since the start of the week.

This is carried over to today’s session, with BTC/USD dropped to an intraday low of $19,793.40 early this morning.

Bitcoin, Ethereum Technical Analysis: ETH drops below $1,600, after consolidation completes
BTC/USD – Daily Chart

The drop comes less than a day after the world’s most valuable token traded as high as $20,370.00.

Looking at the chart, this sell-off took place when the price broke out of the critical support point of $20,200, which is the last line of defense for the bulls.

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

Ethereum

The world’s attention has been focused on Unify on Thursday, like ethereum (ETH) are moved from proof of work (PoW) to a proof of stake (PoS) system.

As a result of Thursday’s much-anticipated transition, it was announced that worldwide electricity consumption will drop by 0.2%.

Though, ETH/USD fell to an intraday low of $1,572.60, as the markets appear to have priced in the move.

Bitcoin, Ethereum Technical Analysis: ETH drops below $1,600, after consolidation completes
ETH/USD – Daily Chart

After completing The Merge, ethereum dipped below the temporary support of $1,615, pushing the price near a one-week low.

At the moment, many believe that the bears will attempt to bring the price lower, with some expecting that the $1,550 floor could be the expected exit target.

Overall, volatility should increase during this period, as uncertainty increases about what the Consolidation event will mean for the future value of ethereum.

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

Eliman Dambell

Eliman brings an eclectic perspective to market analysis, formerly a brokerage director and retail trading educator. Currently, he works as a commentator on various asset classes, including Crypto, Stocks and FX.




Image credits: Shutterstock, Pixabay, Wiki Commons

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