Ethereum was no exception to the crash of the broader cryptocurrency market prior to now 24 hours, printing a lower of round 11% all through the interval. This places the recently-sparked bullish momentum in query, although the Merge is estimated to happen tomorrow.
The Daily Chart
The value was headed in the direction of the overhead resistance space discovered between $1,800 and $2,000 yesterday. This all modified when the Bureau of Labor Statistics introduced the CPI numbers, sending your complete market decrease. This marked yet one more unsuccessful try to push the worth above this necessary zone.
Right now, the Ichimoku cloud high is tangent to the $1,800 stage. The volatility ranges have additionally picked up whereas the worth is inside the cloud. From a technical perspective, the underside and the highest of the cloud normally signify the assist and resistance ranges.
The bulls should kind the next excessive – one thing they’ve failed to attain up to now – if they’re to keep up the bullish construction. If they’re unable to take action, this may put your complete latest development in jeopardy. However, it’s possible that these efoforts will proceed, as long as the worth stays above $1,500.
In case buyers begin reserving earnings after the Merge, the construction could possibly be rendered meaningless and push the market into bearish territory.
Key Support Levels: $1500 & $1370
Key Resistance Levels: $1650 & $1800
Daily Moving Averages:
MA200: $2072 (200-day MA is approaching the resistance zone)
The ETH/BTC Chart
Although the Moving Average Convergence Divergence (MACD) is clearly shifting, the ETH/BTC buying and selling pair chart is significantly bullish. So far, this divergence has resulted in corrections of 11% and 12%.
The first necessary assist to regulate is discovered at 0.073 BTC (marked in inexperienced), and there’s additionally the potential for the formation of a double backside sample.
Retesting the crimson resistance zone continues to be an choice so long as the worth is above this abovementioned assist. The development might change if the pair slips under 0.073 BTC and closes there.
Key Support Levels: 0.0.0.073 & 0.065 BTC
Key Resistance Levels: 0.08 & 0.085 BTC
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