Ethereum’s transition to the proof-of-stake chain went without a hitch. However, the market witnessed a selloff as the Merge failed to cheer up investors.
The total crypto market cap is at the $960 billion mark.
Bitcoin (BTC) ended the day at the sub-$20K level, while Ethereum (ETH) dropped below the $1,500 level. The selloff was primarily due to weakness in the equity market as the tech-heavy Nasdaq-100 fell 1.43%. Among macroeconomic indicators, the Philly Fed Index—the manufacturing index for the Philadelphia area—unexpectedly turned negative in September.
The Crypto Fear & Greed Index, a gauge of market sentiment, dropped by 8 points to 20/100, entering the extreme fear zone once again.
Key coins
The overall momentum has turned negative once again as Bitcoin is struggling to trade above the psychologically important $20K level. Currently, the $19,575 level is providing strong support and if it breaks below, the next major support is at the $18,700 level. Over the past few weeks, Bitcoin is moving between its major support and resistance level. Therefore, place your trades accordingly after doing proper research.
In yesterday’s session, ETH failed to hold on to the $1,500 level and is currently close to its next major support at the $1,430 level. The relative strength index (RSI) is also indicating a weak momentum, which could push the ETH price further down. The expected boost from the Merge is not yet reflected in the price as investor sentiment remains weak. If it breaks below the $1,430 level in today’s session, we may witness a new wave of sell-off. As always, DYOR.
Top gainers in the last 24 hours
- Airswap (AST): 17.52%
- Cosmos (ATOM): 12.75%
- Golem (GLM): 10.18%
- QuarkChain (QKC): 8.28%
- Chiliz (CHZ): 7.96%
