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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Why Ethereum Price Longs Might Profit Ahead Of “The Merge”

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Ethereum price eth ethusdt

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Ethereum price is close to reclaiming the area lost during yesterday’s downside action while Bitcoin slowly crawls back into $19,000. The second cryptocurrency by market cap is about to experience a major event with high potential to operate as a bullish catalyst, “The Merge”.

Related Reading: Miner Sends Bitcoin To Binance, 4th Largest Transaction In 2 Months

At the time of writing, Ethereum price trades at $1,570 with a 3% profit over the past week. As Bitcoin was pushed down by a fresh leg down, market participants see ETH as the potential savior of the sector.

Ethereum price ETH ETHUSDT
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

Will Bulls Or Bears Take Control Of The Ethereum Price?

Due to its importance, many experts are speculating about the potential for “The Merge”, the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), to support a relief rally in the market. Others believe the event will operate as a “Buy the rumor, sell the news event”.

The latter often happens when there is a widely expected event in the sector which leads to a rally followed by a sudden crash shortly after the hype dissipates. Next week, the U.S. Federal Reserve will publish its Consumer Price Index (CPI) print, a metric used to measure inflation.

Economist Alex Krüger claims the CPI print might provide support for risk-on assets to rally. In the past, cryptocurrencies have trended to the upside after this event. Together with “The Merge”, Ethereum price seems poised for upside volatility. The expert said on the potential set-up for ETH traders:

If trading $ETH directionally for the merge probably want to go long into the event with stops right above the August lows and shoot for a 1700 break to take the price into the 1800-2100 range.

Whether ETH’s price can sustain the bullish momentum post “Merge”, Krüger believes that this will depend on the strength of the price action. If Ethereum can run hot into the event, the price might be able to flip key resistance levels into support.

Can “The Merge” Trigger A New Crypto Bull Run?

Despite its importance, Krüger believes “The Merge” might be unable to push the crypto market into price discovery. Legacy financial markets are trending downside, alongside cryptocurrencies. This is the most important overhead resistance only a couple of days before this event. Krüger added:

Fundamentally the merge improves ETH attractiveness via lower energy consumption and more importantly vastly improved tokenomics (…). That is highly likely not enough to kickstart a bull market by itself. Need a bull market in equities for that. To me the idea of $ETH decoupling is what I call a pipedream.

If equities bounce with the CPI print, crypto will find further support. However, macro conditions might continue to remain unfavorable for the rest of 2022 as hinted by Fed Chair Jerome Powell.

Related Reading: Why Extreme Fear Is Back In Crypto In A Big Way

Presenting an opposite thesis, in the video below, our Editorial Director Tony Spilotro looks into the current market conditions and why a decline in Bitcoin dominance might hint at a new Altcoin Season. This could have positive implications for Ethereum price heading into “The Merge”. Take a look.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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