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Bitcoin, Ethereum Technical Analysis: BTC Extends Gains, ETH Consolidates Ahead of The Merge

News Feed - 2022-09-12 09:09:32

Bitcoin, Ethereum Technical Analysis: BTC Extends Gains, ETH Consolidates Ahead of The Merge


After rising to a multi-week high over the weekend, ethereum consolidated on Monday, as market uncertainty increased ahead of tomorrow’s Merge. The token, which continues to trade above $1,700, fell from Sunday’s high, as bulls likely liquidated previous positions. Bitcoin remained higher, rising for a sixth straight session. Bitcoin


Bitcoin (BTC) rose for a sixth straight session to start the week, as sentiment in cryptocurrency markets remained mostly bullish.


BTC/USD rose to a high of $22,244.38 earlier in today’s session, less than 24 hours after trading at a low of $21,493.03.


Today’s rally sees the token now up by over 12% in the last seven days, with some expecting further surges this week. BTC/USD – Daily Chart


Looking at the chart, the recent bullish momentum has led to price strength moving towards overbought territory.


As of writing, the 14-day relative strength index (RSI) is currently tracking at 59.67, and this comes following a recent breakout of the 55.40 resistance point.


In addition to this, the 10-day (red) moving average is now on the cusp of a cross with its 25-day (blue) counterpart, which could signal further surges in price. Ethereum


Ahead of the start of tomorrow’s Merge, ethereum (ETH) consolidated on Monday as traders prepared for the event.


Following Sunday’s peak of $1,782.73, ETH/USD dropped to an intraday low of $1,721.63 earlier today.


The decline comes as bulls likely secured earlier gains, in anticipation of increased levels of price volatility over the coming days. ETH/USD – Daily Chart


As of writing, prices have rebounded from the previous low of the day, with ETH now trading at $1,751.34.


This comes as sentiment still remains bullish, following a recent cross between the 10-day (red), and 25-day (blue) moving averages.


Overall, it appears that the target for traders still remains $1,800, which could come if the RSI moves past its current ceiling of 60.00.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Do you expect market sentiment to turn bearish this week? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Biggest Movers: SOL, Near Protocol up by Over 10% to Start the Week MARKET UPDATES | 8 hours ago Biggest Movers: ADA, SAND Surge to Multi-Week Highs on Saturday MARKET UPDATES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFord Files 19 Trademark Applications Preparing a Possible Metaverse Push Next articleCurrent Block Times Suggest Bitcoin’s Halving Is Coming Sooner Than Expected Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

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