FX.co ★ Technical Analysis of ETH/USD for September 8, 2022

Crypto Industry News:

Industry experts warn of the potential consequences of the Ethereum merger for other cryptocurrencies that run on Proof of Work (PoW) consensus algorithms. With Ethereum moving to the proof-of-stake Beacon Chain, many miners will have a problem. Those who have secured the Ethereum blockchain will look to continue mining in other PoW chains.

Ethereum Classic (ETC) saw its token value increase by more than 10% in early September when blockchain explorer and mining pool operator BTC.com launched the zero-fee ETC pool over a three-month period.

Technical Market Outlook:

The ETH/USD pair had reversed almost all of the recent losses and is currently back below the last local high seen at the level of $1,685. The nearest technical support is located at the level of $1,513 and $1,475. The momentum is strong and positive again on the H4 time frame chart, so the bulls are ready to break above the local high from $1,685 and test the nest technical resistance located at $1,722.

Weekly Pivot Points:

WR3 - $1,624

WR2 - $1,598

WR1 - $1,581

Weekly Pivot - $1,572

WS1 - $1,555

WS2 - $1,546

WS3 - $1,520

Trading Outlook:

The Ethereum market has been doing the lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. If the down move will extend, then the next target for bears is located at the level of $1,358. The key technical support for bulls is seen at $1,281.