Ethereum followers and competitors alike have found their own way to congratulate the Ethereum team on a successful Merge.
Coinbase Lists 4 Possible Risks Of Ethereum Merge
The Ethereum Merge remains one of the most anticipated events in the crypto space. The upgrade was scheduled to happen on September 15, 2022. It was a long-awaited blockchain transition as it moved from PoW to PoS. The change will merge the Beacon Chain and the Ethereum mainnet to become a single blockchain.
As an event in the industry, several reactions and discussions have occurred concerning the Merge. The Ethereum community is in high hope for the success of the transition. On its part, the Ethereum developing team has completed all the necessary checks and steps that will finally activate the Merge.
Following the recent flow of activities on the preparation and waiting for the Merge, reactions are getting intense. One of the global top crypto exchanges, Coinbase, has made some shocking disclosure.
Coinbase Cloud had identified four possible risks with the Ethereum Merge. The risks are operational, technical, lack of client diversity, and economic.
Potential Risks Of Ethereum Merge
Based on its highlighted points, Coinbase also offered some details on the risks.
Operational Risks: Recall that during the Bellatrix, there was a drop in the participation of node operators and validators. Some of the operators didn’t complete the upgrade for their clients. Also, there are some behind-the-scene activities such as testnets, client releases, last-minute releases, and others.
According to a recent developer report, just 85% of nodes have completed the necessary and latest client releases. In addition, there are records of about 25% to 30% of validators that couldn’t complete the Sepolia upgrade. They were thrown offline due to issues as per configuration.
Technical Risk: The Merge involves the merger of two different blockchains, the Ethereum mainnet and the Beacon Chain. While the first is based on PoW, the second is based on PoS. This makes the Merge to be one of the most complex upgrades technically in the crypto space. Hence, it is highly prone to bug attacks and other technical hitches.
An instance of the bugs was experienced with the upgrade of execution layer clients Nethermind and Go Ethereum (geth). However, the developers’ team provided a handy fix and possible guidelines to avoid a repeat.
Risk of Lack of Client Diversity: Once a client lacks diversity, it could hike the risk of a consensus client being dominant among others. Such a client may violate consensus or even use its terms to propose blocks.
Economic Risk: With the Merge, miners will become irrelevant on the Ethereum blockchain as validators take over block production. Also, the type of GPUs for mining Ether differs from that for BTC. So, they can even switch to Bitcoin mining. Their alternatives will be on any available mineable coins.
Bitcoin falls on the chart l BTCUSDT on Tradingview.com
Additionally, the Ethereum PoW fork may create significant issues with protocols and dApps on the blockchain.
Featured image from Pixabay, chart from TradingView.com
WATCH: Ethereum Merge Sell The News Event | ETHUSD September 15, 2022
In this episode of NewsBTC’s daily technical analysis videos, we examine the price action in Ethereum following the Merge upgrade in both the ETHUSD and ETHBTC trading pairs.
Take a look at the video below:
VIDEO: Ethereum Price Analysis (ETHUSD): September 15, 2022
Overnight last night, the Ethereum Merge upgrade occurred. As many expected, it turned out to be a sell-the-news event for the second-ranked cryptocurrency and has fallen by more than 10% intraday on the USD pair.
ETHUSD Pair Turns Bearish Post-Merge
On daily timeframes, things continue to look bad for Ethereum and other top crypto assets. The stock market is also in danger, adding stress to the entire situation.
ETHUSD on daily timeframes could be forming a head and shoulders top, just as LMACD crosses bearish. More downside could be necessary where the Relative Strength Index would hopefully find support at a lower trend line.
Ethereum sold off sharply after The Merge update was completed | Source: ETHUSD on TradingView.com
The Remaining Bullish Signal On Ethereum Weekly Charts
Turning on the Ichimoku gives Ether bulls at least some hope of hanging onto recent gains. Finding support in the Ichimoku cloud could lead to renewed energy and a retest of highs. The Ichomuku on Ethereum weekly charts also is trying to find support above the Tenkan-sen. Slightly above the Tenkan-sen is an even more important line to hold: the middle Bollinger Band.
Finding support above the middle Bollinger Band has in the past led to some of the altcoin’s strongest bull trends.
ETHUSD attempts to hold above the middle Bollinger Bands on weekly timeframes | Source: ETHUSD on TradingView.com
Related Reading: WATCH: Bitcoin Brutalized After August CPI Data Release | BTCUSD September 13, 2022
Ether Takes Beating On ETHBTC Ratio
The downside in Ethereum could be due to ongoing bearish macro conditions and strength in the dollar, but Ether even took a dive on the BTC trading pair.
Although the ETHUSD pair is hoping to find support at the bottom of the Ichimoku cloud, the BTC pair is trying to establish support above the cloud both on daily and weekly timeframes. On the weekly, the bottom of the cloud was already tested and held, which is a bullish sign. However, the downtrend resistance line appears to have struck again and sent Ether tumbling against Bitcoin.
Despite the bearish signals on the ETHBTC pair, the video’s conclusion provides a longer-term bullish outlook you have to see for the full picture.
Was downtrend resistance able to stop Ethereum once again? | Source: ETHBTC on TradingView.com
Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.
Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com
Merge is ‘a step in the right direction’ to address crypto’s energy usage — Rostin Behnam
The CFTC chair said that the Ethereum blockchain’s transition to proof-of-stake, despite reducing energy usage by more than 99%, may not go far enough in resolving the problem.
The ‘launch of a rocket’ — Observers on the future of Ethereum post-Merge
With the Ethereum Merge only hours away, Cointelegraph spoke to industry experts about the transition to proof-of-stake today and what to look out for.
Only 10 hours to the Ethereum Merge: Here’s what you need to know
The Ethereum blockchain is set to bid farewell to proof-of-work, and welcome proof-of-stake as Mainnet merges with the Beacon Chain.
Volatility expected as $490M in ETH options expire shortly after the Ethereum Merge
The outcome of the Ethereum Merge will be a primary price drive that dictates whether ETH bears profit from this week’s $490 million options expiry.
3 ways scammers will try to fool you over Ethereum’s Merge
Besides fake ETH 2.0 tokens and malicious token airdrops, crypto users should also be on the lookout for staking pools offering attractive staking yields.
Ethereum Price Trends Sideways Ahead Of The Merge
The Ethereum community and the entire crypto space will soon witness the Merge launch, the long-awaited upgrade. It’s a transition for the Ethereum mainnet from PoW to PoS consensus mechanism. It has become one of the most hyped events in the industry as many people are presenting different opinions about it.
Over the past few weeks, sentiment on the Merge boosted the price of Ether. Despite some slight downward moves in the broader crypto market, ETH remained one of the tokens with a more impressive performance.
The sudden decline in the price of Ethereum is creating many concerns for many participants. Several people are confused about the twist in the movement of Ether since the Merge is at hand.
Furthermore, other preparatory activities and upgrades that will usher in the Merge are almost completed. Hence, investors are expecting to get more increase in the price of ETH.
Effect Of Bellatrix Upgrade on Ethereum Network
The ETH network witnessed the Bellatrix upgrade recently. The upgrade is meant to enable Ethereum validators to create Beacon blocks. One of the completed blocks will contain the code for the Merge. The Bellatrix upgrade serves as one of the upgrades that initiate the Merge.
Ethereum is currency down by 1.93% l ETHUSDT on TradingView.com
A report on the process indicated that Ethereum witnessed a drop in its network participation rate after the Bellatrix upgrade. Also, there was a spike in missed blocks in the network.
The record showed that the rate for missed blocks after the upgrade surged by 1700%. With just a week remaining for the Merge, the Ethereum developer team is expected to watch the situation closely.
Some professionals offered reasons for the reduction in upgraded nodes. They mentioned that it could be the failure of some nodes in upgrading their clients. They stated that an increase in participation would come once more validators upgrade their nodes to sync with the Bellatrix upgrade.
Possible Reasons For Ethereum Decline
People are providing different reasons for the decline in Ethereum prices. Some factors are also playing out on the side against the broader crypto market. The Ethereum price is dwindling due to the effect of macroeconomic factors.
The wave of the dollar’s rally is throwing almost the entire crypto market and even the general market off balance. Also, the hawkish approach from the Fed in tackling inflation is expected to continue.
A partner at Cinneamhain Ventures and crypto influencer, Adam Cochran, linked the drop to Aave’s stance on Ethereum markets. The influencer noted that Aave’s halting Ethereum markets triggered other platforms like Instadapp to unwind sETH/ETH pools.
Featured image from Pixabay, chart from TradingView.com
64% of staked ETH controlled by five entities — Nansen
New report by Nansen delves into the distribution of staked ETH, respective holders and possible ramifications as The Merge looms.
Ethereum (ETH) Price Tries To Breach $1,800 Resistance, Guns For $2,000
Ethereum rallied from the hype generated by the Merge announcement. Although this is recent news, ETH already hit the $2,000 mark after the bearish July market.
After over a month of price increases, ETH’s price closed in on the $2,000 mark. One of its highest since the entire crypto market crashed. However, the most recent rally has placed confidence in investors and traders alike.
The Highly-Anticipated Merge
The rally was because of the recent ETH Merge announcements that has been the talk of crypto traders around the world. This move, according to Ethereum co-founder Vitalik Buterin, will bring efficiency to the network and reduce overall carbon footprint.
These types of announcements however boost the confidence of traders and investors pushing the price up.
As of this writing, ETH is oscillating at ranges $1,718.41 and $1,791.76. The token is also trying to entrench itself on the 78.60 percent in the Fib retracement.
Ethereum Bulls Try To Breach Resistance
The recent support is set at $1,740.63 with the resistance at the $1,802.12. The bulls have consistently tried to target $1,802.76 resistance to continue the rally.
But as the graph shows, the rally has stagnated and the bull now tries to consolidate the position.
Two things might happen while ETH’s price stabilizes; (1) the resistance will be pierced on a later day and will rally again, or (2) the price breaks the $1,740 support and drops.
If the price pierces the 61.80% Fib level, then the bulls will gain momentum and may reach $2,000 in a few days’ time. But the indicators say otherwise.
The CCI and Stochastic RSI numbers indicate a slow down in trend price. As of writing, the CCI is at 16.69 and Stoch RSI at 16.17 indicating a small sell-off movement.
If the bulls manage to gain momentum once again, then the price might jump and pierce to the next resistance level at the 61.80% Fib level. If the price goes down however, we can expect the support to be at the $1,662.31 range.
This is a crucial point in ETH’s history pre-merge. If the bulls fail to at least consolidate the price at the $1,740 support line then there will be a large chance for a downward price reversal. This would inherently have an effect on ETH’s price post-merge.
Crypto total market cap at $1.02 trillion on the daily chart | Source: TradingView.com
Featured image from Crypto News, Chart from TradingView.com
Ethereum’s potential fork ETHPOW has crashed 80% since debut — More pain ahead?
A recent report has narrowed ETHPOW’s downside target to $18 if the token ever comes to life post-Merge.
Ethereum Guns For $1,900 As ETH Regains 10% From Latest Drop
The Ethereum market activity remains bullish, and ETH bulls have broken loose which is good news for investors, who are optimistic about the potential effects of one of the biggest events in the crypto world – the Merge – because it is so close at hand.
Recent numbers indicate that the price of ETH has settled into a range between $1,614 and $1,679. When compared to the previous analysis, which suggested that the crypto traded between $1,595 and $1,655, this is a significant increase.
Breaking the aforementioned level on the hourly chart would signal strong bullish momentum, potentially taking prices to $1,800. Market watchers predicted that bulls in the Ethereum market would try to reclaim the $1,950 high reached on August 17.
Chart: TradingView.com
Ethereum (ETH) Finds Stability At $1,700
As of this writing, $1,670 is acting as a strong barrier, and $1,612 is responding as a solid entrenchment. In any case, the price seems to have found stability around $1,700.
The Relative Strength Index for ETH is also very healthy right now. Positioned roughly in the middle of the gauge. To put it another way, the coin is neither being overbought nor oversold right now. In light of this, it’s possible that investors are feeling upbeat.
This price movement is currently positive. Even though a sudden decline occurred on September 7, the bulls were able to thwart the bears’ attempt to drive the price lower.
Since the aforementioned decline, the price of ETH has skyrocketed, surpassing the previous ceiling of $1,611.
Similarly, Ethereum’s CCI numbers are skyrocketing. As of this writing, the CCI for ETH is 349. A very strong buy signal for both traders and investors.
Bulls Have $1,900 On Their Crosshair
In addition, the previous analysis placed the bulls’ most likely objective in the $1,900 range. With the availability of real-time data, ETH’s upward momentum just gained additional strength as it broke through the $1,675 ceiling.
If this optimistic momentum keeps going, the June and July sell-offs will become a footnote in ETH’s history books.
The bulls may have succeeded in pushing the price higher and maintaining its momentum. However, as any market has demonstrated, market performance is extremely speculative. This recent performance could be a precursor to an even greater decline.
As market bulls continue their ascent, this may be the only thing that can sustain investors and traders over the long term.
ETH total market cap at $208 billion on the daily chart | Source: TradingView.comFeatured image from Coinpedia, chart from TradingView.com
Polygon Banks On Merge To Get Rid Of 60,000 Tons Of Carbon Footprint
Polygon expects to eliminate a considerable amount of carbon traces from its system as the Merge nears.
The Ethereum Merge is just around the corner. With a soft deadline set on September 15, the world will soon find out whether or not the developers’ hopes for a positive change are realized.
The Ethereum-based Polygon blockchain will also undergo changes as a result of the Merge. In a nutshell , the Merge is the transition from Proof-of-Work (PoW) to Proof-of-stake (PoS). With this update, the Ethereum network should use less energy in the future.
If you take Chile’s annual electricity consumption of 77.53 TWh and apply it to the current annual electricity usage of the Ethereum network, you get a pretty good idea of how much power is being used.
Polygon’s Burden: Cutting Carbon Footprint
The network’s carbon footprint is comparable to that of Hong Kong (which is 43.24 MT CO2), so it’s quite sizable.
Based on research by Polygon, the network is responsible for 0.48 percent of Ethereum’s total carbon footprint of 12,721,000 metric tons of carbon equivalent. This estimate is valid for the period beginning in August 2021 and ending in July 2022.
That’s the equivalent of creating 60,930 tons of carbon dioxide. Polygon also mentioned the difficulty in doing so, noting that it must also factor in the emissions of its L1 chain.
As a result, the progress Ethereum has made toward a (almost) emission-free system will have a significant effect on Polygon’s emission rates.
Polygon did the math for the post-merge as well. They believe that reducing energy consumption will result in Polygon having only 50.22 tons of carbon output.
To put the reduction into context, the projected post-merge annualized energy consumption is 0.82 percent of the pre-merge annualized energy consumption figures for 2021-2022.
Hype And Anticipation On The Merge Intensify
This connection with Ethereum may have an impact on the price of MATIC, Polygon’s native token. Traders have been speculating about the merger. This meant that if investor sentiment for Ethereum is low, investor confidence may be low as well.
According to Coingecko data, the Polygon team’s press day release of the blog post about the merger was met with fear.
The price has recovered from its recent drop the day after the announcement. MATIC’s price has exactly tracked the dip and surge in the price of ETH since Polygon’s blog post.
Confusion and hype are the forces propelling the ETH price surge and retreat.
The future of Ethereum-based networks and Ethereum itself is at stake as the Merge approaches.
MATIC total market cap at $6.5 billion on the daily chart | Source: TradingView.com
Image from Blockchain News, chart from TradingView.com
Will Ethereum keep rallying versus Bitcoin? ETH price technicals hint at 60% gains ahead
Ether could enter the pattern’s breakout stage in the days leading up to the highly-anticipated Merge.
Merge Momentum: Ethereum Sets New 2022 High Against Bitcoin
The Ethereum Merge is fast approaching, and the anticipation around the upgrade has led to some interesting happenings in the crypto sector. It has propelled the price of the digital assets to new highs, even with the downtrend, holding its value better than most of the market. Ethereum has now marked another new high ahead of its long-awaited Merge. This time around, it is a win against the largest cryptocurrency, Bitcoin.
ETHBTC Touch New Highs
Ethereum versus Bitcoin is a never-ending contest that has put the two communities at odds. Bitcoin still maintains its dominance over Ethereum and the other cryptocurrencies, but the second-largest cryptocurrency by market cap has been steadily closing the gap over the year.
ETHBTC had traded at its highest level towards the end of 2021 before a decline sent it falling to yearly lows. However, with the Merge on the horizon, Ethereum has managed to close the gap significantly once more and rally to yearly highs.
ETHBTC is currently trading around 0.0847 BTC on Tuesday, the highest it has been in seven years. This comes despite the suppressed levels on the futures basis that were brought on by hedging activity triggered by the Merge.
ETHBTC touches yearly highs | Source: Arcane Research
The digital asset continues to show strength against bitcoin even through the downtrend. It has since lost its footing at 0.0847 BTC but continues to hold steady above 0.08 BTC.
Ethereum Merge Casts Long Shadow
Recently, Ethereum founder Vitalik Buterin took to Twitter to explain that the Merge was going to happen sometime between September 13th-15th. This was welcome information as it confirmed for the community that there would be no more postponements, but the move to proof of stake has not sat well with everyone in the community.
ETHBTC reaches yearly highs | Source: ETHBTC on TradingView.com
The most prominent of the disagreements have come in the form of ETH forked tokens in a bid to keep the network on the proof of work mechanism. However, not all crypto platforms have announced support for these forked tokens, and some, such as OpenSea, have said that they would only be supporting tokens on Ethereum POS and would not accept any forked tokens.
Nevertheless, these tokens are still going to come into circulation. It raises the question of which of the two tokens would be the best to invest in ahead of the Merge. There are speculations that both ETHPOS and ETHPOW will both pump as they try to ascertain dominance over one another.
Featured image from Medium, charts from Arcane Research and TradingView.com
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WATCH: Bitcoin Dominance And Altcoin Season 2.0 | BTC.D September 7, 2022
In this episode of NewsBTC’s daily technical analysis videos, we are going to look at Bitcoin dominance and the possible signs of a surprise altcoin season developing during the bearish macro backdrop.
Take a look at the video below:
VIDEO: Bitcoin Dominance Analysis (BTC.D): September 7, 2022
For today’s video, we are going to look at Bitcoin dominance on monthly and weekly timeframes. There is potentially a notable breakdown in progress that – based on its significance – could be telling of something bigger: a possible altcoin season that no one is expecting.
Bitcoin Dominance To Submit To Altcoins
Typically, altcoins only perform well during a bull market. So for BTC.D to be breaking down is very unusual considering the current macro backdrop.
Still, BTC dominance is breaking down from a diagonal trend line on price and the Relative Strength Index. The LMACD is also clearly displaying a struggle between bulls and bears. Or more accurately put, Bitcoin versus altcoins, with altcoins currently taking the lead.
Is an altcoin season about to appear? | Source: CRYPTOCAP-BTC.D on TradingView.com
The Signal From The Last Alt Season Is Back
Moving to weekly timeframes on Bitcoin dominance, trend lines become a little more clear. Price is breaking down from both diagonal and horizontal support of great importance. Comparing the past cycle, we can see a similar setup where dominance could make a lower low, while the RSI forms a higher low and bullish divergence.
On the weekly Ichimoku, Bitcoin dominance has been rejected by the cloud. The previous time price dropped from the cloud, it took BTC dominance from 70% to where we are currently at around 39% market share.
Will we get a repeat of the last altcoin season? | Source: CRYPTOCAP-BTC.D on TradingView.com
Related Reading: WATCH: Weekend At Bitcoin’s: Will The Dead Crypto Make A Comeback? BTCUSD September 2, 2022
Could This Be A Possible Target For Crypto Market Share?
So, where then could our target possibly be in terms of new lows set in Bitcoin dominance? One potential area, is yet another retest of neckline resistance turned support from the last bottom formation – an inverse head and shoulders. The target would take BTC.D to around 32% dominance.
Could 32% dominance be the potential target? | Source: CRYPTOCAP-BTC.D on TradingView.com
How Ethereum And The Merge Might Influence BTC.D
To further illustrate why this setup could come to fruition, we have flipped BTC.D upside down and compared it with ETHBTC. The primary factor driving a historical altcoin season is the Ethereum Merge.
In the chart below, we can see that Ethereum is very much responsible for much of the current Bitcoin dominance chart formation. This makes sense considering Ethereum is the second largest cryptocurrency by market cap and has the largest impact on this metric outside of Bitcoin itself.
Bitcoin dominance is driven heavily by the ETHBTC pair | Source: CRYPTOCAP-BTC.D on TradingView.com
Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.
Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com
Binance US launches low-barrier Ethereum staking ahead of The Merge
Users can receive up to 6.0% APY with 0.001 ETH staking minimums, but risks apply.
Mainstream media on the Merge: Risky move or climate nirvana?
While mainstream outlets have generally grasped the complexity of upgrading a major blockchain “mid-flight,” it’s prompted a few to warn about the disruptions should it fail.
WATCH: Ethereum Gains Momentum Ahead Of The Merge | ETHUSD September 6, 2022
In this episode of NewsBTC’s daily technical analysis videos, we are going to look at Ethereum ahead of the Merge across a variety of timeframes using both the USD trading pair and versus Bitcoin.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (ETHUSD & ETHBTC): September 6, 2022
Not much has changed in Bitcoin and other cryptocurrencies since last week. However, Ethereum continues to gear up for the upcoming Merge and posted some decent gains over the weekend. Here is a closer look at Ethereum performance ahead of the Merge.
On daily timeframes, ETHUSD closed above the middle-Bollinger Band and should make another run at local highs. A potential bull flag breakout could hint at a larger rally. A bullish crossover of the LMACD also supports momentum carrying Ether prices higher.
Further adding credence to an up-move, ETHUSD is above the Tenkan-sen and is attempting to close above Kumo cloud resistance. Notably, Ether was rejected from the bottom of the cloud before losing support at around $2,500.
Will a bull flag lead Ethereum higher? | Source: ETHUSD on TradingView.com
The Signal From Ether’s Most Powerful Rallies
Ethereum is right up against the middle-Bollinger Band on weekly timeframes. Closing above the middle line, which is a simple moving average set at 20-periods, has led to some of the cryptocurrency’s strongest rallies. For example, in 2017, closing above it led to a 13,000% increase before a bear market started. The idea of a rally is possibly supported by a bullish crossover of the LMACD.
To truly become bullish, Ethereum must reclaim the Ichimoku cloud. However, price has already closed above the Tenkan-sen on the weekly which is a start. Interestingly, Bitcoin is still stuck below this line by comparison, while Ether is well above it.
Making it above the mid-BB could be significant | Source: ETHUSD on TradingView.com
Related Reading: WATCH: Bitcoin September To Remember: The Good, The Bad, & The Ugly | BTCUSD September 1, 2022
ETHUSD Future Forecast: A Storm Is Coming
Before we move into a more direct comparison of Bitcoin and Ethereum, the rarely used 3-week timeframe could be very telling. There are only five days left in the candle and ETHUSD has to move up from the current level or else it will close through the Ichimoku cloud.
In the past, closing through the cloud led to a large down-move and the final bottom. It is worth noting that closing through the cloud swept support during the last bear market. This time around, support was already swept. Bearish momentum is also weakening on the timeframe according to the LMACD, so a reversal is possible.
The 3-week timeframe warns of danger or reversal | Source: ETHUSD on TradingView.com
The Merge To Lead Strong Outperformance Against Bitcoin
ETHBTC is above the mid-BB which in the past has led to some of the largest rallies, much like the USD trading pair example. Ethereum is also up against the upper Bollinger Band on weekly timeframes versus BTC so a similar push outside of the bands is possible.
Importantly, Ethereum retested the Ichimoku cloud on weekly timeframes and is pushing up against neckline resistance on a five-year long inverse head and shoulders bottom. From the head to the neckline was a 400% move, so the breakout from resistance could lead to enormous overperformance in Ethereum versus Bitcoin.
An inverse head and shoulders could send ETH higher | Source: ETHBTC on TradingView.com
Why A Massive Move Could Be Coming Against BTC
Finally, switching back to the 3-week timeframe used for the USD pair, Ethereum has taken out the cloud after retesting the Kijun-sen and confirming it as support. This also could hint at curved parabolic support forming. This is the first major consolidation after ETHBTC broke out from downtrend resistance, and the LMACD appears ready to cross upward and send Ethereum much higher versus Bitcoin.
Will the Merge be the catalyst crypto bulls are hoping for? Make sure to leave a comment in the video above. Remember to also subscribe to the NewsBTC YouTube channel and follow us on Twitter.
High timeframes suggest there are clear skies ahead for Ether | Source: ETHBTC on TradingView.com
Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.
Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.
Featured image from iStockPhoto, Charts from TradingView.com
