Mid-September Merge is a go!
Will ETH continue to rise ahead of the event?
I’m watching a resistance zone that might make ETH bulls think twice.
Ether (ETH/USD): Daily
In case you missed it, Ethereum’s core developers recently published their Zoom assembly confirming that the Beacon Chain will likely merge with Ethereum’s mainnet when the Total Terminal Difficulty (TTD) – the sum of the Ethash mining difficulty of ALL Ethereum blocks – hits 58750000000000000000000.
Based on the recent hash rate, this means that the Merge will happen on September 15.
Looks like mid-September Merge is a go!Unfortunately, the core developers’ confirmation didn’t do ETH/USD many favors last week as traders focused more on risk aversion and dollar strength ahead of this week’s Jackson Hole meetings.
Ether (ETH/USD) found resistance at $1,800 and ended the day at the $1,600 area.
Are we looking at a cheap price to enter ETH/USD’s upswing?
$1,600 lines up with the 100 SMA and an area of interest on the daily time frame.
If ETH sees bullish pressure from its current levels and traders take their cues from Stochastic’s oversold signal, then ETH/USD may hit the $2,100 mark that lines up with the 200 SMA and the top of a descending channel.
Before you load up on ETH, though, keep in mind that the Merge is still a month away. Crypto traders can still price in a lot of themes including the Fed raising its rates and keeping its rates high until next year.
Global growth concerns and hawkish Fed expectations can keep ETH/USD demand subdued until the Merge. ETH/USD can break below its 100 SMA support or fail to find demand above the $2,000 – $2,100 zone.
Watch how Ether responds to its current support levels and make sure you have trading plans in place whichever ETH/USD goes in the next couple of days!
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