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Ethereum (ETH) Nearly Hits $2,000 as Merge Date Is Set

With Ethereum (ETH) expected to complete the Merge around Sept 15-16, the price has been increasing at an accelerated rate since July 26.

The post Ethereum (ETH) Nearly Hits $2,000 as Merge Date Is Set appeared first on BeInCrypto.

With Ethereum (ETH) expected to complete the Merge around Sept 15-16, the price has been increasing at an accelerated rate since July 26.

ETH has been increasing since reaching a low of $880 on June 18. So far, it has reached a high of $1,943 on Aug 11. 

The upward movement took it to the $1,905 area. This is a crucial area since it had previously acted as support since April 2021. So, it is now likely to act as resistance. Moreover, the area also coincides with the 0.382 Fib retracement resistance level when measuring the previous decrease.

Interestingly, the weekly RSI is in the process of breaking out from its bearish divergence trend line (green line). If this occurs along with a reclaim of the $1,905 area, it would confirm that a long-term bullish reversal is in place.

Ethereum (ETH) Nearly Hits ,000 as Merge Date Is Set
ETH/USD Chart By TradingView

Ongoing ETH breakout

The daily chart supports the continuation of the upward movement. During its increase, Ethereum has reclaimed the minor $1,750 area and validated it as support. 

Furthermore, the daily RSI has moved above 50 and is following an ascending support line. 

If the upward movement continues, there is a long-term descending resistance line close to $2,100. 

Therefore, the daily time frame suggests that there is no considerable resistance until $2,100.

Daily Ethereum
ETH/USD Chart By TradingView

Wave count analysis

The wave count suggests that ETH began a five-wave upward movement in June. If so, it is currently in the fifth and final wave. The sub-wave count is shown in yellow, suggesting that the movement has taken the shape of an ending diagonal. 

A potential target for the top of the movement is at $2,145, which would give wave five the length of waves one and three combined (black). This would also coincide with the previously mentioned resistance line.

The long-term count is also bullish and supports the possibility that a bottom has been reached.

ETH wave count
ETH/USDT Chart By TradingView

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

The post Ethereum (ETH) Nearly Hits $2,000 as Merge Date Is Set appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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Altcoins

Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares

Crypto funds saw a third straight week of inbound investments last week. However, CoinShares’…

The post Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares appeared first on CoinJournal.

  • Crypto funds saw a third straight week of inbound investments last week. However, CoinShares’ James Butterfill says the low inflows suggest there’s “continued investor hesitancy.”

The crypto market has struggled to tag a positive sentiment, with September again proving a tricky month for bulls as prices remained largely within a long term downtrend going back to November 2021.

So while institutional investors continue to size up opportunities in the digital assets sector, flows into investment products have significantly remained low over the past few weeks.

James Butterfill, Head of Research at digital asset manager CoinShares, says the low inflows seen last week imply a “continued hesitancy” from investors.

Butterfill shared the outlook in the latest edition of the “Digital Asset Fund Flows Weekly Report”, which CoinShares published on Monday.

Crypto funds see third week of inflows

Fund outflows year-to-date are at more than $42 million, with the past three weeks seeing positive flows.

According to Butterfill, the low flows suggest institutional investors are still weighing up the market, particularly given the global macroeconomic environment.

Digital asset investment products saw inflows totaling $10.3 million last week representing the third week of inflows. The flows remain low implying continued hesitancy amongst investors, this is highlighted in investment product trading volumes which were $886 million for the week, the lowest since October 2020,” Butterfill wrote.

Bitcoin recorded minor inflows for a third week in a row, with $7.7 million (short bitcoin saw inflows of $2.1 million). Meanwhile, Ethereum registered $5.6 million in inflows last week to post a second positive week – but short Ethereum products hit outflows of $0.9 million.

Across the altcoin market, negative sentiment saw investors pull $3.5 million. Top outflows were in Polygon, Cardano and Avalanche.

The post Crypto fund flows suggest ‘continued investor hesitancy’: CoinShares appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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