Ethereum was back above $1,700 in Thursday’s session as the date for the long-awaited “merger” was finally confirmed. A blog post from the Ethereum Foundation stated that the event will start on September 6 and end between September 10 and September 20. Bitcoin also rose slightly as it continued to approach $22,000.
Bitcoin (BTC) rose on Thursday as the token continued to rebound from a recent bearish streak.
The world’s largest cryptocurrency hit a high of $21,789.64 today, breaking through a key resistance level in the process.
This resistance level was at $21,600 and has held steady despite several breakout attempts this week.
As of this writing, prior gains have faded somewhat as bulls appear to have opted to secure profits rather than maintain prior positions.
BTC/USD is currently trading at $21,662.44 which, while still above the cap, sees the token more than $100 below today’s peak.
Today’s rally comes despite the downtrend of the 10-day (red) moving average.
The big crypto story on Thursday was about Ethereum (ETH), which once again surged above $1,700 earlier in the day.
ETH/USD hit an intraday high of $1,712.55 during today’s session as markets reacted to the latest news regarding The Merge.
In a blog post late Wednesday, the Ethereum Foundation said, “After years of hard work, the Ethereum Proof-of-Stake upgrade is finally here! The successful upgrade of all public testnets is now complete, and the merger has been scheduled for the Ethereum mainnet.”
They added that the event will start on September 6 and end between September 10 and September 20.
Following the announcement, Ethereum briefly broke above its resistance level at $1,705, with the Relative Strength Index (RSI) also climbing.
The RSI broke through its high at 49.50 and at the time of writing stands at 50.85, which is its strongest reading since August 18th.
If today’s rally continues, traders will likely be targeting an exit near the $1,800 level.
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Will we now see a rising bearish sentiment in Ethereum in the coming days? Leave your thoughts in the comments below.
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