Ethereum falls below $1,600, doubts about “The Merge” rise

Ethereum was once down, with prices of the token falling below $1,600 during today’s session. Tuesday’s drop marks the fifth consecutive day that prices of the crypto-currency have moved lower. Bitcoin also extended its downward streak, falling below $23,000 in the process.

Bitcoin plunges over $1,000

Bitcoin was down for a fifth consecutive day, with prices for the token falling below $23,000 in today’s session. After peaking at $24,121.64 earlier this week, the world’s largest crypto-currency plunged more than $1,000 on Tuesday.

This latest decline saw BTC hit a low of $22,710.08 earlier in the day, as prices approach a key support level.

BTC is rapidly approaching a low of $22,500, which historically has been a place where previous bearish periods have worsened considerably.

As can be seen on the chart, the last time this floor was broken on July 25, bears intensified the downward pressure, taking prices from that point to a low of $20,737, all within a 24-hour period.

Today’s decline comes as the 14-day Relative Strength Index (RSI) has fallen below its own low at the 53 level, and currently sits at 52.70.

Ethereum falls for fifth straight day

On Tuesday, ethereum extended its recent downtrend for a fifth consecutive day, with the token falling below $1,600. ETH hit an intraday low of $1,567.85 during yesterday’s trading session, as bears pushed prices below a support point. “The Merge” effect doesn’t seem to be working yet, there are still too many doubts about its implementation in September and confidence is not yet in place to push Ethereum higher.

It was the $1,620 floor that was tested on Monday, but on this occasion the bulls were able to hold the level, and pushed the price to a high of $1,685.59.

Since then, the pressure has intensified and like bitcoin, the 14-day RSI has broken below a support point of its own, with the relative strength index following at 55.55, after a recent break of a low of 58.

The target appears to be new support at 54.20. If this is reached, we could see ETH trading around $1,500.