Crypto Movement at a Glance: Bitcoin holds $23,000; Merge on the cards for Ether

economictimes.indiatimes.com:

cryptocurrencies faced a slight correction as uncertainty split from legacy markets. Despite the minor decline, cryptocurrencies have recovered and stood strong without sharp movements.Bitcoin started the week trading above the $23,000 level but fell to $22,000 due to increasing pressure, US central bank’s latest interest rate hike, and ongoing tension betweenChina and Taiwan. However, bulls have succeeded in recapturing the $23,000 back the crypto lost its weekly gains.

The second largest cryptocurrency, Ethereum, fell to the $1,500 level mid-week. It again gained the $1,700 level on Friday following a consolidation of four days. On a weekly time frame, ETH might not have accumulated enough power to make a sharp move.

But, a continued rise could take the price to its resistance at the US$1,785 level soon. The positive sentiment for Ethereum expands as the expectations for the September Merge. If this trend continues, we expect ETH to reach the $1,900 level in a few days.

But a failure to close above $1,680 would weaken the bullish argument. In an interesting turn of events, the largest crypto ecosystem in the world, Binance, has announced to add XRP, Shiba Inu, and Avalanche as its means of payment with the Binance Card. As of now, it will be available only for the residents of the European Economic Area and the Ukrainian refugees who have been given asylum in those countries.