Bitcoin, Ethereum Technical Analysis: ETH Nears 2-Month Low, as Post-Merge Sell-Off Continues

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Ethereum continued to fall on Saturday, as the token’s post-Merge sell-off intensified to start the weekend. Prices of the world’s second largest cryptocurrency fell to their lowest level since July, as bearish sentiment in the market remained high. Bitcoin was also lower today, once again trading below $20,000.

Bitcoin (BTC) was once again trading below $20,000, as bearish sentiment in the token remained to start the weekend.

BTC/USD slipped to an intraday low of $19,400.08 earlier in the day, which is a level that has historically been a price floor.

Following the collision with this support point, bulls reentered the market, attempting, and being briefly successful, in taking prices to a high of $20,021.74.

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BTC/USD – Daily Chart

As a result of the high level of volatility, prices have since moved away from those highs, with BTC currently trading at $19,854.17 as of writing.

Looking at the chart, the 14-day relative strength index (RSI) continues to track near a floor of 41.10.

Some do not expect any significant moves in bitcoin until the index moves away from this point, and starts climbing towards a ceiling at the 50.00 level.

It has been a turbulent week for ethereum (ETH), as volatility pre and post-Merge sent prices down by over $300.

ETH/USD started the week trading at a high of $1,783, however it fell to a bottom of $1,415.58 earlier today.

The move saw ethereum fall below its support point of $1,430, hitting its lowest point since July 26 in the process.

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ETH/USD – Daily Chart

As seen from the chart, the decline came as the RSI collided with a support of its own, at the 38.70 mark.

This landing spot has helped stabilize prices, with the earlier bleeding somewhat halted for the time being.

If we were to see this floor broken, then it is likely that bears will look to target the $1,350 level as a potential exit point.


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