WATCH: Crypto Technical Analysis August 23, 2022: Ethereum Versus Bitcoin (ETHBTC)
August 23 2022 - 9:59AM
NEWSBTC
In this episode of NewsBTC’s all-new daily technical analysis
videos, we are looking at Ethereum ahead of the upcoming Merge
using the ETHBTC monthly chart. Specifically, this episode looks at
the Ethereum versus Bitcoin trading pair using the Parabolic SAR,
Ichimoku Cloud, and much more. Take a look at the video below.
VIDEO: Ethereum Versus Bitcoin Analysis (ETHBTC): August 23,
2022 Looking at Ethereum’s monthly chart, after a clear violation
of the last uptrend ending in 2017, Ethereum entered a bear market
against Bitcoin –– yet was able to build a stable rounded base over
the last five years. Related Reading: WATCH: Daily Crypto Technical
Analysis August 22, 2022: Bitcoin Price (BTCUSD) Rounded Support
And An Inverse Head And Shoulders The rounded pattern has also
potentially formed an inverse head and shoulders bottom. With a
foundation built and the Merge on its way, this trade has a lot of
potential. From the swing low of the pattern to the neckline
produced a 350% climb. Applying the measure rule multiplied by the
pattern’s percentage of meeting its price target, the pattern’s
target is roughly 250%. Will the right shoulder confirm the
pattern? | Source: ETHBTC on TradingView.com Related Reading:
Ethereum Price Lost 20% Weekly, What’s The Key Support Now? Could
The Parabolic SAR Suggest The Flippening Is Ahead? Turning on the
Parabolic SAR, the tool suggests a new uptrend could be forming.
Parabolic SAR stands for stop and reverse, and tells the market
when that moment has occurred. Traders utilize the tool to place a
trailing stop loss above or below the SAR counter to the trend. The
last two times this signal triggered on monthly timeframes,
Ethereum climbed more than 1,000% and 250% against Bitcoin
respectively. The second number supports the price objective of the
inverse head and shoulders pattern. Is Ethereum about to go
parabolic against Bitcoin? | Source: ETHBTC on TradingView.com
Related Reading: TA: Ethereum Could Recover To $1,800 If It Clears
This Key Resistance ETHBTC Still Stuck In The Clouds For now,
ETHBTC remains stuck under Ichimoku cloud resistance. Breaking out
from the cloud could provide the thunder and lightning Ethereum
bulls are looking for. Price is above the Tenkan-sen and Kijun-sen,
which are also crossed bullish. Looking back at the Chikou span,
price is at a critical resistance level with only one higher
resistance level remaining until price discovery occurs. Ether
can't get out of the clouds... yet | Source: ETHBTC on
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technical analysis education. Please note: Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com
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