MichelRamon

ETH before Shangai, breakdown?

Short
BITSTAMP:ETHUSD   Ethereum
ETHUSD

In the scenario with te Shangai's update in the Ethereum network, aprox 16 million ETHs will be out of stake(~U$25 billion).
That will cause a lot of selling pressure in the market, people could take the loss.

Also, ETH price action seems to converge in a lot of resistence above the 1700s(last bottom, 2021), and different patterns and trendlines the price arrived the top, if a breakdown occurs, the price might go back to the 1300s area at the main trendline

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.