In this episode of NewsBTC’s daily technical analysis videos, we examine the price action in Ethereum following the Merge upgrade in both the ETHUSD and ETHBTC trading pairs.
Check out the video:
VIDEO: Ethereum Price Analysis (ETHUSD): September 15, 2022
Last night saw the Ethereum Merge upgrade. Many expected it to be a sell the news event for the second-ranked crypto and that the USD pair fell by more than 10%.
ETHUSD Pair Turns Bearish Post-Merge
Things continue to be bad for Ethereum, and the other major crypto assets. The entire situation is further complicated by the fact that there are also risks to the stock market.
On daily timeframes, ETHUSD could form a head-and-shoulders top just like LMACD crosses bearish. There could be more downside as the Relative Strength Index might find support on a lower trend line.
Source: ETHUSD on TradingView.com| Source: ETHUSD on TradingView.com
The Remaining Bullish Signal in Ethereum Weekly Charts
Ether bulls have at least some chance of retaining recent gains by turning to the Ichimoku. Support in the Ichimoku cloud may provide support and help to regain energy. On Ethereum’s weekly charts, The Ichomuku is also trying to locate support over the Tenkansen.
Finding support above the middle Bollinger Band has in the past led to some of the altcoin’s strongest bull trends.
ETHUSD seeks to maintain above the middle Bollinger Bands during weekly timeframes. Source : TradingView.com| Source: ETHUSD on TradingView.com
BTCUSD September 13 2022| BTCUSD September 13, 2022
Ether takes on ETHBTC Ratio
While the downside to Ethereum may be caused by ongoing bearish macro conditions, strength in the dollar and continued weakness in Ethereum’s currency pair, Ether also took a plunge on BTC.
While the ETHUSD pair is looking for support at Ichimoku’s bottom cloud, the BTC pairs is trying to support the cloud above both the daily and weekly frames. Bullish signs are that the weekly cloud bottom had been tested and held. The downtrend resistance line seems to be reactivating and sending Ether plummeting against Bitcoin.
Despite the bearish signals on the ETHBTC pair, the video’s conclusion provides a longer-term bullish outlook you have to see for the full picture.
Is it possible to stop Ethereum from falling in the downtrend? Source: ETHBTC at TradingView.com | Source: ETHBTC on TradingView.com
NewsBTC Trading Course: Learn how to perform crypto technical analysis. Access the educational course for free by clicking here
Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.
Featured image taken from iStockPhoto. Charts from TradingView.com