Hey guys, welcome to this new update on ETH.
Timeframe: 12 hours.
Update: The merge has taken place and we see a major -9% drop in ETH. This drop may not look good in a shorter timeframe but in this 12 hours timeframe, ETH is bouncing right from the support level. If we backtest then we will notice that ETH made a similar pattern back in June 2022 and then it broke out around 64%.
No wonder ETH could make a similar move after the merge. All eyes are on the lower supporting trendline. If ETH manages to hold this support then we can expect a bounce back soon.
Let's see what happens next.
Trade safely.
Timeframe: 12 hours.
Update: The merge has taken place and we see a major -9% drop in ETH. This drop may not look good in a shorter timeframe but in this 12 hours timeframe, ETH is bouncing right from the support level. If we backtest then we will notice that ETH made a similar pattern back in June 2022 and then it broke out around 64%.
No wonder ETH could make a similar move after the merge. All eyes are on the lower supporting trendline. If ETH manages to hold this support then we can expect a bounce back soon.
Let's see what happens next.
Trade safely.
Note
This doesn't look good for ETH. The only positive thing is that we still have 6 hours and 40 mins for the candle to close. ETH must stay above the support level to remain positive. A close below the support level will not be a good thing to see on ETH.
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Related publications
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.