WATCH: Ethereum Merge Sell The News Event | ETHUSD September 15, 2022
September 15 2022 - 3:50PM
NEWSBTC
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. Related Reading: WATCH: Bitcoin Bear
Market Corrective Patterns Examined | BTCUSD September 14, 2022
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
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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
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