The recent cryptocurrency crash: How will Ethereum's upcoming Merge affect the market?
The recent crash in the cryptocurrency market has called into question the bullish momentum that had been building up, with Ethereum decreasing by around 11% over the past 24 hours. Although the upcoming Merge is still estimated to be a positive d[...]
It's been a tough day for cryptocurrency investors, as the value of many digital assets have fallen sharply. Ethereum has taken a hit as well, dropping 11% in the past 24 hours. This puts the recent bullish momentum in question, as investors wonder if the planned merge of Ethereum and Ethereum Classic tomorrow will be enough to boost the market. Only time will tell.
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It looks like the market is struggling to break through the $1,800 to $2,000 resistance zone. The latest attempt was thwarted by the release of the CPI numbers, which sent the market lower. This is an important area to watch, as a breakthrough could signal a major shift in the market.
It is clear that the $1,800 level is a key resistance level for the market right now. The Ichimoku cloud top is right at that level, and the volatility levels have increased as the price has moved into the cloud. This suggests that there is a strong battle taking place between the bulls and the bears at this key level. From a technical perspective, the bottom and the top of the cloud usually represent the support and resistance levels. So, the market will likely see some more volatility in the days ahead as it tries to break through this key level.
The bulls need to form a higher high in order to maintain the bullish trend. If they are unable to do so, this could put the entire recent trend in jeopardy. However, it is likely that these efforts will continue, as long as the price of gold remains above $1,500.
There is a possibility that investors may start booking profits after the merge, which could render the structure meaningless and push the market into bearish territory. However, this is just one potential scenario and it remains to be seen what will actually happen once the merge occurs.
It is evident that the key support levels for gold are at $1500 and $1370, while the key resistance levels are at $1650 and $1800.
The 200-day moving average is approaching the resistance zone, which could be a key indicator of future price movements.
The ETH/BTC chart is on the rise, indicating a strong future for Ethereum.
The MACD is clearly shifting, but the ETH/BTC trading pair chart is still considerably bullish. So far, this divergence has resulted in corrections of 11% and 12%. However, the overall trend remains positive, and ETH/BTC is still a good investment.
The support at 0.073 BTC is key to watch, as there is potential for a double bottom pattern to form. This would be a bullish sign for the market, indicating that prices may rebound in the near future.
It is still possible that the red resistance zone will be tested again, as long as the price remains above the aforementioned support. However, the trend could change if the pair falls below 0.073 BTC and closes at that level.
The Bitcoin market has been fairly volatile over the past few days, with prices bouncing around between key support and resistance levels. However, it looks like the market may be stabilizing somewhat, with prices currently hovering around the 0.073BTC support level.
It's been a tough few weeks for Ethereum. The price of ETH has crashed down to $1.6K, and it doesn't look like things are going to get any better in the near future. The big question now is: what's next for Ethereum?
