Hello Traders,
Before we start to discuss, I'll be so glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it.
- Technical anaylsis :
- Looking at our chart we can see that ETHBTC has printed earlier on Lower time frame chart 4H a cup & handle pattern , sellers had already booked some profits on resistance level 0.070270 back on 19 July 2022,
price dropped back to support level between 0.064483 - 0.65538 , as buyers pored in again a great bounce happened from support level mentioned before which indicated that buyers were interested to buy at this
level taking pirce back higher towards last swing high, yet another optimal opportunity to take profits of the table from the sellers which made the price to trace back again forming the ( handle ) then we had our
breakout above the neckline.
- Buyers will have to maintain the S/R level after the retesting in order to take the price higher towards resistance level 0.072691 .
- Fundamental analysis :
- The merge of Ethereum from POW to POS is scheduled to be set on September 2022, which give us a bullish market sentiment since the investors are anticipating this event .
- Based on on-chain data analysis, Ethereum balance across exchanges hit a four-year low. The total ETH held across exchanges remained under 20 million as of July 22 ,the last time Ethereum balances across
exchanges hit this level was in July 2018, it was 19.93 million. It is likely that investors are pulling ETH out of exchanges, in anticipation of the Merge.
Good Luck Traders,
Trade closed: stop reached
Comment:
Price dropped back to support level between 0.064483 - 0.65538 and bounced back from this important support level , creating a double bottom pattern which is interesting