WATCH: Ethereum Merge Sell The News Event | ETHUSD September 15, 2022

Tony "The Bull" Severino

2 years ago

3 mins read

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In this episode of NewsBTC’s daily technical analysis videos, we examine the price action in Ethereum following the Merge upgrade in both the ETHUSD and ETHBTC trading pairs.

Take a look at the video below:

VIDEO: Ethereum Price Analysis (ETHUSD): September 15, 2022

Overnight last night, the Ethereum Merge upgrade occurred. As many expected, it turned out to be a sell-the-news event for the second-ranked cryptocurrency and has fallen by more than 10% intraday on the USD pair.

ETHUSD Pair Turns Bearish Post-Merge

On daily timeframes, things continue to look bad for Ethereum and other top crypto assets. The stock market is also in danger, adding stress to the entire situation.

ETHUSD on daily timeframes could be forming a head and shoulders top, just as LMACD crosses bearish. More downside could be necessary where the Relative Strength Index would hopefully find support at a lower trend line.

Ethereum sold off sharply after The Merge update was completed | Source: ETHUSD on TradingView.com

The Remaining Bullish Signal On Ethereum Weekly Charts

Turning on the Ichimoku gives Ether bulls at least some hope of hanging onto recent gains. Finding support in the Ichimoku cloud could lead to renewed energy and a retest of highs. The Ichomuku on Ethereum weekly charts also is trying to find support above the Tenkan-sen. Slightly above the Tenkan-sen is an even more important line to hold: the middle Bollinger Band.

Finding support above the middle Bollinger Band has in the past led to some of the altcoin’s strongest bull trends.

ETHUSD attempts to hold above the middle Bollinger Bands on weekly timeframes | Source: ETHUSD on TradingView.com

Ether Takes Beating On ETHBTC Ratio

The downside in Ethereum could be due to ongoing bearish macro conditions and strength in the dollar, but Ether even took a dive on the BTC trading pair.

Although the ETHUSD pair is hoping to find support at the bottom of the Ichimoku cloud, the BTC pair is trying to establish support above the cloud both on daily and weekly timeframes. On the weekly, the bottom of the cloud was already tested and held, which is a bullish sign. However, the downtrend resistance line appears to have struck again and sent Ether tumbling against Bitcoin.

Despite the bearish signals on the ETHBTC pair, the video’s conclusion provides a longer-term bullish outlook you have to see for the full picture.

Was downtrend resistance able to stop Ethereum once again?  | Source: ETHBTC on TradingView.com

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Featured image from iStockPhoto, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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