ETH Price plummets by 8% to $1480 Hours after the Merge; Bitcoin declines below $20,000 & Other Top Crypto Prices in the Red!

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is down about 1% trading over $19,880, Ethereum price close to $1480, down about 8%
2. Global crypto market cap down about 2.2% in past 24 hours, currently at about $964 billion
3. Top crypto news – MATIC Price soars 170% in 3 months amid stellar brand partnerships, Cosmos native token ATOM hits new 4-month high, Ethereum Classic mining hash rate triples within a day post the Ethereum Merge.

CRYPTO MARKET TODAY AT A GLANCE

GLOBAL CRYPTO MARKET OVERVIEW

Total Crypto Market Cap | Source: Tradingview

The past 24 hours, after the highly anticipated Ethereum Merge that took place yesterday around 12:18 pm, IST – have been reasonably bad. The overall crypto market lost over 2% in the interim, and the fall was led largely by the star crypto of the hour – Ethereum, which lost over 8% in the same timeframe. In contrast, the king coin, Bitcoin only lost about one percentage point only. Despite all of that, a closer look at the above chart clearly depicts how much trouble crypto prices could be in right now.

From a technical standpoint, crypto price has broken down below the crucial trendline support level (marked in orange). That has been a good level of support in the recent past, and a breakdown below that level would bring about strong selling pressures across the board. Crypto price is also trading well below the 50 day moving average (marked in cyan) along with the Relative Strength Index close to 41 as of writing. Thus all of these indicators point to bearishness in the overall crypto market and thus things can be expected to be worrisome going forward.

TOTAL VOLUME IN DEFI

According to data from CoinMarketCap, the total volume in DeFi is currently $5.57 billion, 6.82% of the total crypto market 24-hour volume. The volume of all stable coins is now $74.89 billion, which is 91.78% of the total crypto market 24-hour volume.

And, according to DeFiLlama, the total-value-locked in DeFi as of writing this stands around $54.4 billion, down about 1.5% in the past 24-hours.

TOP CRYPTOS TODAY BY MARKET CAP

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

Bitcoin price, it seems, is faring better than the altcoin king, Ethereum this time around. Despite the market having fallen to recent lows, Bitcoin has managed to hold on to its levels, well above the lower trendline support (marked in black). Unlike last week, when Ethereum was leading in terms of performance. However, BTC price is back to trading just below the $20,000 mark, which is a crucial psychological support level. This could bring about further bearishness in the king coin going forward.

Moving on, from a technical standpoint, post the crash post the scalding high consumer price index (CPI) numbers - and nothing much has changed since then. BTC price is still pretty close to be the lowest points of 2022 for BTC price. It is trading well below the 50 day moving average (marked in cyan) and its nearest trendline resistance (marked in blue), which it had managed to breach on 13 September. And with the Relative Strength Index currently running below 50, we may see some added selling pressures coming in.

Additional Read: Bitcoin Price Prediction

ETH/USD | Source: Tradingview

Ethereum price, this time around has been one of the poorer performers in terms of price in the past week. Especially after the Ethereum Merge that happened yesterday around 12:18 pm IST, prices have managed to fall significantly. As mentioned earlier, ETH price lost over 8% since then and is very close to breaking down below its local lows on the charts. The first hit came with the FUD around the increased CPI numbers and then the the Merge, which set back Ethereum to trade below its psychological price level of $1500.

Technically, ETH price has broken down below its diagonal trendline support (marked in blue) and has re-entered the bearish descending triangle pattern on the chart. Its next logical level of support is around $1420, and if ETH price breaks down below that, we may see a further fall down to $1260m (marked in black), the distant level of support for Ethereum as of now. As of now, with the Relative Strength Index at 40 as of writing, and Ethereum price trading below the 50 day moving average, we may see strong selling pressures on the price going forward.

Additional Read: Ethereum Price Prediction

OTHER ALTCOINS

BINANCE COIN (BNB)

Binance Coin (BNB) price lost about 0.7% in the past 24-hours and is currently trading at around $272.7 - with a current market cap of $44.1 billion as of writing.

CARDANO (ADA)

Cardano (ADA) price lost about 0.3% in the past 24-hours and is currently trading at around $0.46 - with a current market cap of $16.02 billion as of writing.

DOGECOIN (DOGE)

Dogecoin (DOGE) price lost about 1.3% in the past 24-hours and is currently trading at around $0.05953 - with a current market cap of $7.92 billion as of writing.

POLYGON (MATIC)

Polygon (MATIC) price lost about 2.3% in the past 24-hours and is currently trading at around $0.82 - with a current market cap of $7.19 billion as of writing.

COSMOS (ATOM)

Cosmos (ATOM) price gained about 12% in the past 24-hours and is currently trading at around $15 - with a current market cap of $4.3 billion as of writing.

TOP CRYPTO NEWS TODAY

1. MATIC SOARS 170% AS MAJOR BRAND TAP ON POLYGON AS THEIR PREFERENCE

Despite the raging crypto bear market that began early in 2022, Polygon's MATIC has been one of the best performers. Since hitting its lowest points in June 2022, MATIC price has recovered strongly, well over 170% and is currently trading well over $0.82. All of this is thanks to number stellar partnerships in the last couple of months. Earlier this year, Polygon raised $450 million in its latest financing round, with a market cap of about $13 billion, to aggressively expand its portfolio of Ethereum scaling solutions. And now, top-tier brands like Coca-cola, Reddit and Starbucks have launched their crypto and NFT based programs on the Polygon network.

2. COSMOS (ATOM) BECOMES THE BIGGEST MOVER IN THE CRYPTO MARKET, HITS 4-MONTH HIGH

Cosmos' native crypto token, ATOM has been one of the steadiest bullish performers in the top major cryptos by market capitalisation. It has risen nearly 150% from its June lows and is still holding strong despite the recent crash over the past weeks. Thanks to this rally, ATOM price has also hit its 4-month high of above $17, and is currently trading around $15 as of writing.

3. ETHEREUM CLASSIC (ETC) MINING HASH RATE SPIKES 200%, MAKES NEW ATH POST ETHEREUM MERGE

Right after the Ethereum Merge, which transitioned the largest smart contract capable blockchain platform from a proof-of-work consensus model to a proof-of-stake consensus mechanism, an older hard fork of the Ethereum mainnet, now known as Ethereum Classic is seeing new milestones being made. Just after the Merge, the PoW based Ethereum Classic, which has a similar codebase as Ethereum, saw a near 200% jump within a day, going from under a 100 TH/s to above 300 TH/s.

Additional Read: Ethereum Classic Price Prediction

TOP CRYPTO GAINERS TODAY

TOP CRYPTO LOSERS TODAY

Prices as of 16th September, 2022.