The long-awaited “merge” date has finally been confirmed, with Ethereum again topping $1700 during Thursday’s session. A blog post from the Ethereum Foundation stated that the event will begin on September 6 and will be completed between September 10 and 20. In addition, bitcoin continued to close in on $22,000, with modest gains.
Bitcoin
Bitcoin (BTC) rose on Thursday, as the token continued to rebound after a recent bearish streak.
The world’s largest cryptocurrency soared to a high of $21,789.64 today, breaking through a key resistance level in the process.
This resistance level is at $21,600 and has held mostly firm despite several breakout attempts this week.
BTC
At the time of this writing, the previous rally has eased somewhat as it appears to have opted to secure profits rather than hold its previous position.
BTC/USD is currently trading at $21,662.44, still above the upper limit but still more than $100 lower than today’s peak.
Today’s rally is despite the 10-day (red) moving average remaining in a downtrend.
Ethereum
Thursday’s big crypto story was Ethereum (ETH), which rose again above $1700 earlier in the day.
ETH/USD rose to an intraday high of $1,712.55 during today’s session as the market reacted to the latest news surrounding The Merge.
In a blog post late Wednesday, the Ethereum Foundation said, “After years of hard work, Ethereum’s proof-of-stake upgrade is finally happening!” It stated. All public testnet upgrades have been successful and The Merge has been scheduled for the ethereum mainnet.”
He added that the event will begin on September 6 and end between September 10 and 20.
As a result of this announcement, Ethereum temporarily broke out of the $1705 resistance level and the relative strength index (RSI) also rose.
The RSI has moved above the 49.50 ceiling and is tracking at 50.85 at the time of writing, which is its strongest reading since August 18.
If today’s rally continues, traders will likely target an exit near the $1,800 level.
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