Analysis of futures: the market froze in anticipation of The Merge

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After the unsuccessful testing of $ 25,000 in the middle of last month, Bitcoin sank to the level of $ 20,000. Since August 27, it is in a narrow trading range from $ 20,500 to $ 19,500.

Ethereum found $ 1,500. At the time of publication, it is traded near $ 1600 in anticipation of the Bellatrix hard fork, which will prepare the network for updating The Merge.

What to expect from the market this week? We analyze the price levels of bitcoin and Ethereum on BYBIT crypto -based.

BTCUSD

At the end of August, Bitcoin held the level of $ 19,500, but the bulls could not intercept the initiative. The price of cryptocurrency again dropped below the psychological mark $ 20,000.

For BTCUSD growth, customers need to break through the line of the descending trend and gain a foothold above the level of $ 20,000. In this case, bitcoin will test the resistance at $ 21,800.

If the bears increase pressure, then cryptocurrency can return to local minimums about $ 18,000.

Ethusd

At the end of the week, Ethusd found strong support at $ 1,500 and is now trading at $ 1600.

Against the backdrop of news about the hardform Bellatrix, the price of Ethereum can test the resistance of $ 1700 with subsequent consolidation.

conclusions

At the moment, Bitcoin is trying to hold the level of $ 20,000, and Ethereum shows a stronger positive dynamics against the future of the future The Megre. The first cryptocurrency domination index fell to minimums at 39%.

Ethereum update can become the basis for the resumption of the upward trend. Nevertheless, bears will try to use the possible problems when conducting The Megre to enhance the pressure on the cryptocurrency market.

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