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.
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.