ETHEREUM IS HOT - 6K Eventually and 3k possible in September
First of all here is the chart for Day-traders:
Support between 1848 and 1830 (top of ascending channel).
20% chances of going lower back in the channel..in that case you will get an update.
On-Chain:
On the Ethereum side, traders are clearly holding a long bias, expressed heavily in options contracts centred in September. Both futures and options market are in backwardation after September, suggesting traders are expecting the Merge to be a 'buy the rumor, sell the news' style event, and have positioned accordingly.
Spot withdrawals for ETH from exchanges are however relatively small compared to recent demand peaks. This indicates that sophisticated traders are utilizing the depth of derivatives markets as the preferred instrument, to obtain price exposure, and hedging risk of the Merge event.
Volume is off the Roof and all eyes are on Ethereum
MAJOR NEWS YOU MUST KNOW:
Ethereum just pulled off its final test run ahead of one of the most important events in crypto
Ethereum is moving closer to adopting a proof-of-stake model for its network, which is less energy intensive than the existing proof-of-work method.
The network ran its last dress rehearsal before the major upgrade, which is expected to take place next month.
WANT TO GO DEEPER IN THE RABBIT HOLE?
Then this is a must read and this is a MUST watch.
One Love,
The FXPROFESSOR
-We Buy the Announcement Now- We sell the News a bit later
Support between 1848 and 1830 (top of ascending channel).
20% chances of going lower back in the channel..in that case you will get an update.
On-Chain:
On the Ethereum side, traders are clearly holding a long bias, expressed heavily in options contracts centred in September. Both futures and options market are in backwardation after September, suggesting traders are expecting the Merge to be a 'buy the rumor, sell the news' style event, and have positioned accordingly.
Spot withdrawals for ETH from exchanges are however relatively small compared to recent demand peaks. This indicates that sophisticated traders are utilizing the depth of derivatives markets as the preferred instrument, to obtain price exposure, and hedging risk of the Merge event.
Volume is off the Roof and all eyes are on Ethereum
MAJOR NEWS YOU MUST KNOW:
Ethereum just pulled off its final test run ahead of one of the most important events in crypto
Ethereum is moving closer to adopting a proof-of-stake model for its network, which is less energy intensive than the existing proof-of-work method.
The network ran its last dress rehearsal before the major upgrade, which is expected to take place next month.
WANT TO GO DEEPER IN THE RABBIT HOLE?
Then this is a must read and this is a MUST watch.
One Love,
The FXPROFESSOR
-We Buy the Announcement Now- We sell the News a bit later
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🌐FOREX SPECIAL: fxprofessor.com/forex-special 💡💙💬 Public Telegram: www.t.me/fxprofessor88 💎
