The cryptocurrency market started the week in a good bullish mood, reaching $ 22,000 for the first time since August 19. The three-week high of the BTC price on the daily histogram negated the downward trend.
To confirm the bullish forecast for the future, one should pay attention to the fact that before trying to challenge the resistance at $23,450, the BTC price should soon hold above $21,600.
This week's main news in cryptocurrency is the Ethereum (ETH) merger, which will take place on September 15.
The hype around the merger has benefited the price of ether, which has increased by 14.6% in the last week alone.
However, as the merger approaches, traders should exercise additional caution. You can encounter the expression "Buy on rumors, sell on facts". Since then, there is the fact that the price of ether has almost doubled compared to the minimum less than three months ago, as evidence that the market may have been ahead of itself in anticipation of a successful merger.
There are also potential risks associated with the proposed version of Ethereum and the proof of work of ETHpow, which is currently estimated on the gray market at about 3% of the value of the main Ethereum network.
