WATCH: Ethereum Gains Momentum Ahead Of The Merge | ETHUSD September 6, 2022
06 Septiembre 2022 - 11:16AM
NEWSBTC
In this episode of NewsBTC’s daily technical analysis videos, we
are going to look at Ethereum ahead of the Merge across a variety
of timeframes using both the USD trading pair and versus Bitcoin.
Take a look at the video below: VIDEO: Bitcoin Price Analysis
(ETHUSD & ETHBTC): September 6, 2022 Not much has changed
in Bitcoin and other cryptocurrencies since last week. However,
Ethereum continues to gear up for the upcoming Merge and posted
some decent gains over the weekend. Here is a closer look at
Ethereum performance ahead of the Merge. Related Reading: WATCH:
Weekend At Bitcoin’s: Will The Dead Crypto Make A Comeback? BTCUSD
September 2, 2022 Ethereum Forms A Potential Bull Flag Breakout On
daily timeframes, ETHUSD closed above the middle-Bollinger Band and
should make another run at local highs. A potential bull flag
breakout could hint at a larger rally. A bullish crossover of the
LMACD also supports momentum carrying Ether prices higher. Further
adding credence to an up-move, ETHUSD is above the Tenkan-sen and
is attempting to close above Kumo cloud resistance. Notably, Ether
was rejected from the bottom of the cloud before losing support at
around $2,500. Will a bull flag lead Ethereum higher? | Source:
ETHUSD on TradingView.com The Signal From Ether’s Most Powerful
Rallies Ethereum is right up against the middle-Bollinger Band on
weekly timeframes. Closing above the middle line, which is a simple
moving average set at 20-periods, has led to some of the
cryptocurrency’s strongest rallies. For example, in 2017,
closing above it led to a 13,000% increase before a bear market
started. The idea of a rally is possibly supported by a bullish
crossover of the LMACD. To truly become bullish, Ethereum
must reclaim the Ichimoku cloud. However, price has already closed
above the Tenkan-sen on the weekly which is a start. Interestingly,
Bitcoin is still stuck below this line by comparison, while Ether
is well above it. Making it above the mid-BB could be
significant | Source: ETHUSD on TradingView.com Related Reading:
WATCH: Bitcoin September To Remember: The Good, The Bad, & The
Ugly | BTCUSD September 1, 2022 ETHUSD Future Forecast: A Storm Is
Coming Before we move into a more direct comparison of Bitcoin and
Ethereum, the rarely used 3-week timeframe could be very
telling. There are only five days left in the candle and
ETHUSD has to move up from the current level or else it will close
through the Ichimoku cloud. In the past, closing through the cloud
led to a large down-move and the final bottom. It is worth noting
that closing through the cloud swept support during the last bear
market. This time around, support was already swept. Bearish
momentum is also weakening on the timeframe according to the LMACD,
so a reversal is possible. The 3-week timeframe warns of danger or
reversal | Source: ETHUSD on TradingView.com The Merge To Lead
Strong Outperformance Against Bitcoin ETHBTC is above the mid-BB
which in the past has led to some of the largest rallies, much like
the USD trading pair example. Ethereum is also up against the upper
Bollinger Band on weekly timeframes versus BTC so a similar push
outside of the bands is possible. Importantly, Ethereum
retested the Ichimoku cloud on weekly timeframes and is pushing up
against neckline resistance on a five-year long inverse head and
shoulders bottom. From the head to the neckline was a 400% move, so
the breakout from resistance could lead to enormous overperformance
in Ethereum versus Bitcoin. An inverse head and shoulders could
send ETH higher | Source: ETHBTC on TradingView.com Why A Massive
Move Could Be Coming Against BTC Finally, switching back to the
3-week timeframe used for the USD pair, Ethereum has taken out the
cloud after retesting the Kijun-sen and confirming it as support.
This also could hint at curved parabolic support forming. This is
the first major consolidation after ETHBTC broke out from downtrend
resistance, and the LMACD appears ready to cross upward and send
Ethereum much higher versus Bitcoin. Will the Merge be the catalyst
crypto bulls are hoping for? Make sure to leave a comment in the
video above. Remember to also subscribe to the NewsBTC YouTube
channel and follow us on Twitter. High timeframes suggest there are
clear skies ahead for Ether | Source: ETHBTC on TradingView.com
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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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