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Check out ETH/USD’s uptrend on the 4-hour time frame!

Will HODLers see new monthly highs for Ether in the next few days?

Ether (ETH/USD): 4-hour

Ether (ETH/USD) 4-hour Chart

Ether (ETH/USD) 4-hour Chart

Ether (ETH/USD) has been showing us higher highs and higher lows for a few weeks now after finding support above the $1,000 mark.

What makes ETH/USD more interesting today is that it’s testing (and bouncing from) a trend line resistance that lines up with the 4-hour chart’s 100 SMA.

Not only that, but ETH’s current levels near $1,600 are also conveniently close to the 50% Fibonacci retracement of last week’s upswing and a key resistance zone in late July.

Will ETH/USD see new monthly highs in the next few days?

ETH HODLers are eyeing Goerli testnet, which is expected to transition from Proof of Work (PoW) to Proof of Stake (PoS) sometime between August 6 to 12. If successful, Ethereum’s blockchain will be one step closer to its own transition to PoS.

Before you buy ETH like there’s no tomorrow, though, you gotta remember that the actual “Merge” isn’t expected until next month.

The other side of ETH/USD – the dollar – also has a small thing called U.S. non-farm payrolls report going for it in the U.S. session.

Unless we see new updates on the Goerli testnet merge, ETH/USD could still dance to the tune of USD demand.

Worse-than-expected NFP numbers could encourage anti-USD, risk-friendly sentiment as traders price in a less hawkish tightening schedule from the Fed.

ETH/USD could bust above its July highs and test the $1,800 to $2,000 area of interest.

On the other hand, an NFP report that points to the Fed having more room for aggressive rate hikes could drag ETH/USD below its trend trend line support.

Watch this pair closely, my dudes!

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