Investors Await The Effect of The Merge Ethereum on Rising Crypto Prices
JAKARTA, investor.id – The movement of the crypto market on Thursday (15/9/2022) morning went better than Wednesday (14/9/2022) yesterday. A number of crypto assets, such as Ethereum (ETH) and Dogecoin (DOGE) are successful rebound to the green zone with a slight increase.
Traders Tokocrypto, Afid Sugiono said, the main star in today’s trading was on Ethereum (ETH) where the wait for The Merge has been eagerly awaited and is only a matter of hours. Recent data shows that ETH managed to dip 5.4% towards US$ 1,648 per chip from last Wednesday’s trade.
Read also: US Inflation Data Shakes Markets, Bitcoin and Ethereum Fall
“Many crypto investors are anticipating The Merge which will most likely occur on Thursday (15/9/2022) at 1.26 WIB, volatility will certainly occur,” he said in a statement Thursday (15/9/2022).
The current response is still positive. However, all eyes will likely be monitoring The Merge and evaluating its success rate.
“It would be wiser for investors not to FOMO to accumulate massively. They have to wait for how Ethereum transitions from Proof-of-Stake and what is the trend in the future before investing again,” added Afid.
Read also: The Ethereum Merge Is Very Important, Big Investors Will Put Huge Funds into ETH?
From the technical analysis of ETH, the daily volume is relatively in line with the average trading volume over the last 20 days or the 20-day EMA, which shows no significant confidence for either the long or short side. As a result, the movement of ETH so far is still classified as sideways.
“Most likely the bullish movement of ETH is stuck resistance at the level of US$ 1,722. Rejection at this level managed to reverse the direction of the price movement down. Support The closest one is at the level of US$ 1,512 if the ETH price drops again,” he said.
While Bitcoin moves, it can still move towards the level resistance US$ 20,701. Beside, level support The strongest is at the level of US $ 19,005 which is a solid resistance to restrain the rate of Bitcoin’s decline if it drops again. Major support Bitcoin is still at the level of US $ 17,622.
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Afid added, in addition to ETH, crypto assets that also have the potential to rally are Cardano (ADA) and Solana (SOL) which display their best performance. The cause of Cardano’s own rise was anticipating Vasil Hardfork. And the rise in SOL is because the Helium community is eyeing merging its operations into the Solana network.
In general, from a macroeconomic perspective, investors are currently waiting for some important data released by the central bank, such as unemployment data and the US interest rate decision. As a result, movements in trading for some time in the future may not display high volatility either from the upside side.
Most investors believe that the Fed will continue to move aggressively to curb inflation, with a 75bps hike forecast at next week’s meeting. The dilemma is that inflation is expected to return to 2% from around 8% so that it will hit the current economic growth a lot.
Editors : Lona Olavia (olavia.lona@gmail.com)
