Ethereum Merge upgrade is knocking at the door. The Beacon Chain will be launched between September 10 to September 20, and Ethereum will switch from Proof of Work consensus to Proof of Stake consensus which will be more energy intensive and sustainable in the long run. It is one of the most important updates since its inception. Still, the founder of Ethereum or spiritual leader of this upgrade, Vitalik Buterin, has warned the community members that anything can happen after the upgrade.
The data revealed that the top non-exchange Ethereum addresses had decreased their holding in the last three months, whereas the on-exchange holding has increased the holding significantly.
As a result, Ethereum’s native coin ETH experienced a bullish surge in July and August. The Ethereum 2.0 update is a significant event in the crypto industry. After the successful completion of phase two, the next phase integrates the PoS consensus with the main net of Ethereum.
Many experts also think traders are buying this coin to sell it on the Merge day at a higher price. If you are considering Ethereum for the long term, we would recommend investing more in ETH after the Merge upgrade. Before that, do read our ETH prediction for short-term and long-term trading.
At the time of writing this post, ETH was trading around $1603 in the lower range of the Bollinger bands. It is interesting to see the resistance level around the baseline of the Bollinger Bands. After forming higher highs and higher lows, ETH changed the trend in mid-August.
Now ETH has been consolidating between a range of $1400 to $1700. If the resistance breaks around $1750, the positive momentum will continue. RSI is above 40, but MACD is bearish. In the short term, you can accumulate some coins since the price is expected to rise in the coming days.
After taking support of $1000, ETH has been in an uptrend on the weekly chart. The last two weekly candles are red, but ETH has changed that trend this week and is now forming a green candle. If it continues the momentum, Ethereum could form higher highs and higher lows in the weekly chart, which can be a sign of long-term bullishness.
Though candlesticks are forming in the lower range of the Bolinger bands, other popular technical indicators like RSI and MACD are bullish. We think you should invest for the long term in ETH when it crosses the immediate resistance level. Before that, you can trade for short-term gain.