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Crypto Industry News:
The crypto market is seeing a surge in positive sentiment as the world's two largest cryptocurrencies are experiencing solid gains, with Ethereum gaining more than 26% and Bitcoin up 6% in the past seven days.
Merge - The connection will shift Ethereum to the more energy-efficient proof-of-stake protocol from the power-hungry proof-of-work protocol that Bitcoin also uses. Post-connection power consumption will drop 99.5% and the issuance of new ETH tokens will be cut by around 90%, with many analysts predicting the price of Ethereum to rise.
The important news that preceded the rally was published by Ethereum developer Tim Beiko, who estimated that the Merge would take place on September 19. This date was given by Beiko during an Ethereum developer interview on Thursday. This is an approximate date and is not final.
Technical Market Outlook:
The ETH/USD pair had broken above the supply zone located between the levels of $1,255 - $1,281 and made a new local high at the level of $1,631. The momentum is at the level of 70 points already, so the bulls are now fully controlling the market. The intraday technical support is seen on the level of $1,319 and $1,281. The larger time frame trend remains down, however the recent breakout might be a beginning of a bigger bounce even towards the level of $1,750.
Weekly Pivot Points:
WR3 - $1,617
WR2 - $1,509
WR1 - $1,470
Weekly Pivot - $1,401
WS1 - $1,362
WS2 - $1,294
WS3 - $1,185
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames had broken below the key long term technical support seen at the level of $1,420 and bears continue to make new lower lows with no problem whatsoever. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the levels below $1,000, like the last swing low seen at $880. Please notice, the down trend is being continued for the 13th consecutive week now.
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