CRYPTO NEWS

TA: Will Merge Sentiment Push Ethereum To $2,000?

Ethereum prices surge from the low of $980 to a high of $1,743 with so much excitement as regards the merge coming up in a few weeks. With the monthly close, there have been high expectations for the Ethereum price to reach a region of $2,000 -$2,400.

Ethereum Weekly Chart

The Ethereum price surged from the low $1,012 to $1,743 after several weeks of a downtrend.

There was a bit of relief bounce from Ethereum haven traded below the 50 & 200 Exponential moving average (EMA).

Ethereum Weekly Price Analysis | Source: ETHUSDT On Tradingview.com

Ethereum, as of writing, is trading at $1,580 after being rejected at $1,722; Ethereum could not break the weekly resistance ahead of it and closed below, which suggests bulls need to push to break this region for Ethereum price to move higher.

The volume on the weekly chart for Ethereum suggests more sales than buys after showing great signs of bulls pushing the prices ahead of the merge.

The weekly relative strength Index (RSI) has moved from oversold to 43, indicating decent buying pressure from bulls.

The weekly chart for Ethereum suggests it is still in a range of $1,012 to $1,722; breaking the resistance at $1,722 with good volume could easily send the Ethereum price to $2,000 ahead of the merge.

Major Weekly resistance – $1,722.

Major Weekly support – $1,012

Ethereum Price Analysis On The Daily Chart
Ethereum Price Analysis On The Daily Chart | Source: ETHUSDT On Tradingview.com

The daily chart for Ethereum price suggests the resistance of $1,722 rejected it despite trying to break and close above it. 

Ethereum is trading above the 50 EMA but below the 200 EMA. The 50 EMA acts as a support at $1,400, but a break and close below that region could easily send Ethereum price to a region of $1,200 – $1,012.

The volume on the daily chart indicates more selling pressure which is not ideal ahead of the merge sentiment.

Major support level on the daily chart (1D) – $1,400, $1,012.

Major resistance on the daily chart (1D) – $1,722

Ethereum price on the daily chart shows more selling activity, just in a range or channel that needs to be broken to the upside or downside. The RSI on the daily timeframe is above 50 after seeing a huge surge to a region of 70.

Ethereum Price On The 4H Chart

 

Ethereum Price Analysis On The 4H Chart | Source: ETHUSDT On Tradingview.com

On the 4H chart, the Ethereum price was able to break above the 50 & 200 EMA after trading below them for weeks. The price has been rejecting and trading above the 50 EMA but below the 200 EMA despite showing a strong bullish movement.

The 4H chart shows a bearish divergence indicating there could be a pullback to support areas.

Major resistance – $1,722

Major support – $1,462, $1,358, $1,250

Technical Indicators

50 & 200 Exponential Moving Average (EMA)

Volume Indicator

Relative Strength Index 14 (RSI)

Bitcoin Is An alternative To Economic Condition, Says CEO Of Franklin

Many people are reacting differently to the current condition of Bitcoin and the global economy. In the past two consecutive quarters, the US has posted negative GDP, leading to a rate spike by the Feds. Though some individuals are stating that there is yet no inflation, its impact is gradually manifesting. The President and CEO::Listen

Many people are reacting differently to the current condition of Bitcoin and the global economy. In the past two consecutive quarters, the US has posted negative GDP, leading to a rate spike by the Feds. Though some individuals are stating that there is yet no inflation, its impact is gradually manifesting.

The President and CEO of Franklin Templeton, Jenny Johnson, has aired view on the current global economic condition. Johnson stated that while the financial condition is in a sad state, Bitcoin remains its best distraction.

CEO Johnson related her opinions during a recent interview. She mentioned that the prevailing economic situation is acting as a disruption.

In her terms, it’s the best to happen to financial providers at the moment. Though several see Bitcoin as digital gold and an asset that could create a hedge against inflation, Johnson has a different stance. To her, BTC is just consumers’ distraction from all prevailing financial problems.

Also, the CEO has no belief that governments could make Bitcoin a dominant asset for foreign exchange. She said that it was beyond typical confidence for that to happen as numerous arguments would erupt.

When it comes to blockchain technology, the CEO has an impressive option concerning that. She called it the sports change, stating that it will bring a positive difference possibly to all industries.

Bitcoin stands above $24,000 on the chart | Source: BTCUSDT on TradingView

Johnson maintained that Franklin Templeton still offers cryptocurrency services to its clients. Also, the company is not planning to stop such service options now. Franklin Templeton is an American multinational holding firm. It boasts several subsidiaries. It functions as a global investment company and was founded in 1947 in New York City.

Global Destructive Outplay But Bitcoin Gained Momentum

Over the past few years, the entire global system had a devastating impact from the spread of COVID-19. This remained one of the great world pandemics that claimed millions of people from different countries.

With the invasion and effect of the pandemic came a distortion in various aspects of life, especially social life. The overall impact on the financial system was quite massive.

To maintain the float of the economy during the crisis, some countries central banks, especially the US Federal Reserve, printed more fiat currency. However, such a process is taking a negative pull after two years. The world is generally battling a rising inflation rate with other factors.

Russia and its president, Vladimir Putin, received the blame from the Western world, pioneered by the US. They further cut off financial connections with Russia.

Also, Russia has taken the top as the most sanctioned country globally. But Russia decided to make its retribute by stopping gas deliveries to some European states.

Most of the states have no alternative source and have become stranded. This action conversely hiked electricity costs, leading to an increase in price for all goods. The entire outplay of events is becoming more destructive.

Featured image from Pixabay, chart from TradingView.com

TA: Will Merge Sentiment Push Ethereum To $2,000?

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