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

Ethereum continued to autumn connected Saturday, arsenic the token’s post-Merge sell-off intensified to commencement the weekend. Prices of the world’s 2nd largest cryptocurrency fell to their lowest level since July, arsenic bearish sentiment successful the marketplace remained high. Bitcoin was besides little today, erstwhile again trading beneath $20,000.

Bitcoin

Bitcoin (BTC) was erstwhile again trading beneath $20,000, arsenic bearish sentiment successful the token remained to commencement the weekend.

BTC/USD slipped to an intraday debased of $19,400.08 earlier successful the day, which is simply a level that has historically been a terms floor.

Following the collision with this enactment point, bulls reentered the market, attempting, and being concisely successful, successful taking prices to a precocious of $20,021.74.

As a effect of the precocious level of volatility, prices person since moved distant from those highs, with BTC presently trading astatine $19,854.17 arsenic of writing.

Looking astatine the chart, the 14-day comparative spot scale (RSI) continues to way adjacent a level of 41.10.

Some bash not expect immoderate important moves successful bitcoin until the scale moves distant from this point, and starts climbing towards a ceiling astatine the 50.00 level.

Ethereum

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

ETH/USD started the week trading astatine a precocious of $1,783, nevertheless it fell to a bottommost of $1,415.58 earlier today.

The determination saw ethereum autumn beneath its enactment constituent of $1,430, hitting its lowest constituent since July 26 successful the process.

As seen from the chart, the diminution came arsenic the RSI collided with a enactment of its own, astatine the 38.70 mark.

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

If we were to spot this level broken, past it is apt that bears volition look to people the $1,350 level arsenic a imaginable exit point.

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Do you expect further diminution wrong ethereum this weekend? Leave your thoughts successful the comments below.