what consequences on the price of ETH?

what consequences on the price of ETH?

what consequences on the price of ETH?

This week, The Merge will mark a major turning point in the history of the Ethereum (ETH) blockchain. What could be the consequences of this event on the price of ETH?

Ethereum (ETH) prepares for merger, its biggest upgrade since the start

A few hours after its update to The mergerthe price of Ethereum (ETH) has been evolving since June within a limited range between two separate limits at $ 1,000 and $ 2,000. These areas are round levels, which reflects investor psychology quite well.S. on the market.

So, with this big event taking place this September 15th on the Ethereum blockchain, we will have the right to the traditional ” buy the rumors, sell the news ” with another drop in priceor on the contrary we will participate an acceleration to the upside of the price?

Let’s take stock of the indices issued by the various technical indicatorsin order to have a potential idea of ​​the evolution of theET for the the next few weeks.

Figure 1: Tagado's Ether Price Chart (Daily)

Figure 1: Ethereum price chart (daily), range from June 2022

First, let’s take a look at Price Action. After bouncing three times from the $ 1,000 area, the price of Ether therefore rose significant support in the middle of the $ 1,500 range.

This zone has allowed the price to recover since the beginning of September, which should theoretically allow for a return to top of the line at $ 2,000. To maintain this goal, you will need to keep the last low at $ 1,500 and make a new high, otherwise we risk confirming the establishment of a new low compared to the previous one, and therefore a new bearish trend within this range.

From an Ichimoku point of view, the price is under resistance, stuck under the Kijun as well as under the cloud top. We will have to overcome these hurdles at $ 1,800 to make our way and aim for a more serene return to the top of the range. For the moment, therefore, management is rather neutral. and wait to see if the cloud can break through again.

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Ethereum (ETH) is moving in an ascending wedge that started since June

Figure 1: Tagado's Ether Price Chart (Daily)

Figure 2: Ethereum price chart (daily), showing a rising wedge

From the cartographic point of view, nWe are still clearly in an underlying downtrend with lower and lower highs and lows and lower and lower lows as well. Despite an attempt to break out of the latest high, the price failed to close above the previous high.

A rejection which, moreover, was carried out below the upper limit of a ascending wedge where the price is moving higher, with a newly built low trend line in the middle of the $ 1,500 range.

This type of graphic pattern generally breaks off rather from the bottom, it will therefore be absolutely necessary to maintain this double support on pain of returning to visit the bottom of the range at $ 1,000, look at the pattern’s breakout target at $ 750. In case the update goes smoothly and the price holds up before going to break the bevel from the top, so the target will be around $ 4,425.

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Conclusion on the pricing of ETH and The Merge

A few hours after its major update The mergerEther therefore shows rejection signals converging below the resistances at the apex of the range.

The $ 1,500 zone should not break down during its probable retest, otherwise it is a bearish target that will be triggered with the risk of falling below $ 800 if the range breaks from below.

On the top, a return to $ 4,425 could be considered but with a lot of resistance still to come. Either way, breaking the chamfer will give us a relevant long-term goal.

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Sources of the chart: TradingView

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