ETH/USD Technical Analysis
- ETH/USD Bullish move should continue
- The expectation prior to Merge is bullish
- POW > POS protocol implementation
- Cup with a handle potential trade
- 1735 > 1802 > 2429 Potential mid term
MEGATREND MAs: Neutral
D1 Chart ETH/USD
- Order block
- Buying pressure at the low
- Entry zone
- Intraweek target
- Swing target
As it was planned back in 2019, the foundation behind the popular crypto-currency first officially announced the transition from proof-of-work to proof-of-stake (Ethereum 2.0) last year. The original plan was for it to happen “over the next months”, but apparently the preparation took much longer. The latest information regarding this issue is that the event called Merge, is scheduled for September 19. The news was reported by the Wired portal and is not official. We will find out in a week or so how much these sources are valid. However, the price of Ethereum should jump significantly in that case.
Technically it is bullish. The MEGATREND MAs are crossing but we can see an inverted bullish SHS formation in addition to a cup with the handle. I am long at 1575 and I will keep the trade until targets are hit. Bullish bias on Ethereum due to the Merge and technicals. Targets are 1735. 1902, 2239 and 2492.
This analysis, and all entry signals and targets are a part of the Megatrend system and a trading course. I am maintaining 2 long trades on the ETH/USD. My Telegram group received a long ETH/USD signal as a part of the trading method. Watching the daily time frame for this trade and it has been qualified as a swing trade with protection of profits by moving SL in profit.
Summary of AUGUST trading results is HERE(click to see)
Cheers and safe trading,
Nenad
