Ethereum traded below $1,900 again during Thursday’s session, as the Ethereum Foundation clarified speculation surrounding The Merge. Recently it was rumored that the move will reduce gas fees, however these claims have been somewhat dismissed. Bitcoin was also lower as it continued to trade below $24,000.
Bitcoin (BTC) fell lower for a fifth straight session, as the token moved closer to a price floor at the $23,030 level.
Thursday saw bitcoin slip to an intraday low of $23,243.35, which is the weakest point it has traded at since August 10.
The move comes as the 10-day (red) moving average finally changed its direction, and now appears to be down.
As written, BTC/USD is down almost 5% from the same point last week, with price strength also following at a three-week low.
Looking at the chart, the relative strength index (RSI) is now tracking at 51.84, which comes after breaking the support point at 53.66.
Should bulls look to take BTC back above $24,000, then price strength will have to rise, sending the RSI above this floor.
Thursday also saw ethereum (ETH) move lower as the asset extended its decline for a fifth straight day.
ETH/USD hit a bottom of $1,823.53 earlier in today’s session, as the Ethereum Foundation commented on recent rumors surrounding The Merge, and its potential impact on gas fees.
In a blog post, it was stated that, “Gas fees are a product of network demand in relation to the capacity of the network. The Merger deprecates the use of proof of work, moving to proof of interest for consent, but does not significantly change any parameters that directly affects network capacity or throughput.”
Traders who recently bought the rumor, helping to send ETH to a three-month high earlier in the week, now appears to be slowly retreating.
At the time of writing, relative strength on ethereum was also down, as the RSI fell below a support point of 60.32.
The index seems to be trying to re-enter this point today, and is currently trailing at 59.70. ETH/USD is trading marginally higher at $1,854.84 at the time of writing.
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