Despite the successful completion of the highly anticipated Merge event, Ethereum (ETH) fell below $1,600 on Thursday. The event marked the transition from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) system. Bitcoin (BTC) also traded lower, dropping below the $20,000 threshold.
Bitcoin
Bitcoin (BTC) slipped below $20,000 on Thursday as bearish sentiment continued to dominate the crypto market.
Following the release of U.S. inflation data earlier this week, cryptocurrency markets faced a downturn, with BTC losing over $2,500 since Monday.
The downtrend persisted into today’s session, with BTC/USD hitting an intraday low of $19,793.40** in early trading—just hours after peaking at **$20,370.00.
Chart analysis indicates this sell-off occurred after BTC breached the $20,200 support level, a critical defense line for bullish traders.
At the time of writing, BTC bulls have staged a minor recovery, with the token hovering near the $20,150.46 support level.
Ethereum
The global crypto community focused on The Merge as Ethereum transitioned from PoW to PoS on Thursday.
Experts estimate this shift could reduce global electricity consumption by 0.2%. However, ETH/USD plummeted to an intraday low of $1,572.60, suggesting a "buy the rumor, sell the news" reaction.
Post-Merge, Ethereum broke below the $1,615** support level, pushing prices toward a weekly low. Analysts now anticipate further downside, with **$1,550 as a potential short-term target.
Volatility is expected to rise as uncertainty lingers over how The Merge will impact Ethereum’s long-term valuation.
FAQs
Q: Why did Ethereum drop after The Merge?
A: Markets likely priced in the event beforehand, triggering profit-taking post-upgrade.
Q: Is Bitcoin’s drop linked to macroeconomic factors?
A: Yes—U.S. inflation data and broader economic concerns have dampened crypto sentiment.
Q: What’s next for Ethereum?
A: Short-term volatility is expected, with $1,550 as a key watch level. Long-term prospects hinge on PoS adoption.
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Keywords: Bitcoin, Ethereum, The Merge, PoS, crypto analysis, ETH price, BTC support, volatility
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