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The price of Bitcoin has formed a strong base above $22,650. Yesterday, the first cryptocurrency rose on the news of inflation in the US and at the moment BTC is trading around the level of 24,580 US dollars. Bitcoin is up more than 6% on the day and nearly 7% on the week.
One of the reasons for the growth of Bitcoin on Wednesday was the report of the Bureau of Labor Statistics on the consumer price index (CPI), which showed a sharp decline to 8.5% in July from 9.1% in June.
The fall in the consumer price index is partly due to lower energy prices, lower retail prices and lower shipping costs. Some investors predict that the Federal Reserve may begin to ease its aggressive anti-inflationary policies, giving markets a much-needed boost to recover from months of weak volatility.
After a sharp drop, the price of Bitcoin found strong support above $22,500. The bulls were active for about $22,600 and $22,700. As a result, BTC has started strong growth and is now facing resistance around the $24,500 level. The next major resistance is near the $25,000 level, above which the price could even test $26,000.
On the other hand, immediate support is at $24,000. The next important support is near the $23,500 zone, below which the price could begin a new decline in the near future.
Ethereum merger is on schedule as Goerli’s test merger successfully completed
As the Goerli merger goes well, there is growing confidence that there will be no further delays in the Ethereum merger scheduled for mid-September.
The merger of the Goerli testnet was completed today without any major issues, suggesting that there will be no delays with the tentative Ethereum merger date set for September 19.
The merger, which is considered one of the most significant updates in blockchain history, will significantly reduce Ethereum’s energy consumption, while bringing the network one step closer to its long-term goals of scalability, security, and resilience.
The price of ether (ETH) skyrocketed in the run-up to the merger. The price rose higher and even overcame the resistance of 1850 dollars. Finally, there was a move above $1900 and the price stopped above the 100-hour simple moving average. The maximum was formed around 1919 dollars, and at the moment the price is consolidating profits.
Over the past 30 days, the price has increased by 72.2% and at the time of writing the article is 1893 US dollars. Over the past 24 hours, Ethereum has added 12.36% to its value.
The immediate resistance up is near the level of 1920 dollars. The first serious resistance is near the level of 1950 dollars. A clear movement above the level of 1950 dollars can begin a steady rise to 2000 dollars. If the bulls continue to act, the price may soon rise to the resistance zone of 2120 dollars.
If Ethereum fails to rise above the $1920 resistance, it could begin a downward correction. Initial support on the underside is near the $1850 zone. The next major support is around $1800.
The main support is near the level of 1780 dollars or the Fibonacci retracement level of 50% upward movement from the low of 1655 dollars to the maximum of 1919 dollars, below which there is a risk of a sharp decline. In this case, the price of ETH may drop to a support of 1750 dollars. Any new losses may require verification of the $1700 level.
Author: Anton Zaitsev, Analyst at Freedman Club Crypto News
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