Cryptocurrency prices withdrew on Thursday as risk appetite fell, putting pressure on riskier assets. Risk sentiment remains unstable, affecting stock markets and crypto markets alike.
Steep rate hikes increase global recession concerns, putting pressure on risk assets. Markets are currently wavering between a 50-bp and a 75-bp Fed rate hike in September, with odds favoring a 75-bp rate hike. The dollars ascend has pushed competing assets down, putting pressure on cryptocurrency prices.
Bitcoin price dropped below the key $20,000 support level on Thursday. If BTC declines further, support can be found at the $19,200 level, while resistance may be encountered near $20,500.
Ethereum price plummeted on Thursday, falling below the $1,550 level support. If Ethereum's price declines, it may encounter support further down at $1,420. If Ethereum's price increases, resistance may be encountered near $1,640.
The long-anticipated Merge was completed on Thursday, but the Ethereum price crashed by more than 8% after the merge. Ethereum price had been boosted in anticipation of the so-called ‘merge’ for months. The hype created around the merger had created a bullish sentiment for the cryptocurrency, which deflated following its completion.
The Merge from the Proof-of-Work to the Proof-of-Stake method is a significant network upgrade that is expected to lead to an increase in demand for Ethereum. It is also a more environmentally-friendly consensus model, limiting drastically the energy consumption and carbon footprint of Ethereum.
BTC/USD 1h Chart
ETH/USD 1h Chart
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Written by:
Myrsini Giannouli
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