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Bitcoin rises, Ether falls ahead of Merge

14 Sep, 2022
Bitcoin rises, Ether falls ahead of Merge

Bitcoin (BTC) jumped, but Ethereum (ETH) dropped at the start of the week, with a big event slated to have an effect on the cryptocurrency market in the next few days: the rollout of the Ethereum Merge.

The top cryptocurrency by market cap is currently trading at over $22,200, an almost 2% increase over the past 24 hours, as investors appear ready to take risks again. But it's a different story with Ethereum, the number two crypto, which recently took a 2% tumble to trade just below $1,700 on Monday and currently hovers around that range. Investors appear to be wary about the Merge, Ethereum's major upgrade from Proof-of-Work to Proof-of-Stake, that is scheduled for this Thursday. 

It's possible that some traders are selling ETH based on the Merge hype, with a knock-on effect of driving Ethereum prices down while boosting BTC and the crypto market as a whole. While many altcoins were still struggling, there were noticeable surges in Solana (SOL) and Cosmos (ATOM), which jumped almost 25% after crypto research firm Delphi Digital transferred its R&D operations to the Cosmos ecosystem last week.

BTC rises but fails to signal a trend reversal. / C. StormGain

Bitcoin has been trading within a range of successive bear flags the year so far, so the recent upward move does not necessarily signal a bullish reversal. Positive signs to watch for include a daily high of over $25,000 or a breakout to the SMA 200 at $30,000 to signal a longer-term trend change. Keep an eye on Merge news, as high volatility is expected for ETH.

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