Investors Await Impact of The Merge Ethereum to Crypto Assets
Navigasi - The movement of crypto assets on Thursday (15/9/2022) morning strengthened compared to Wednesday (14/9/2022) yesterday. A number of crypto assets, such as Ethereum (ETH) and Dogecoin (DOGE) managed to rebound to the green zone with slight gains.
|Investors Await Impact of The Merge Ethereum to Crypto Assets|
Tokocrypto trader Afid Sugiono said, the main star of today's trading was on Ethereum (ETH) that the wait for The Merge had been eagerly awaited. Recent data shows that Ethereum managed to gain 5.4% to $1,648 per chip from Wednesday's trading. "Many crypto asset investors anticipate that The Merge will most likely occur on Thursday (15/9/2022) at 1.26 WIB, volatility will certainly occur," he said in a statement Thursday (15/9/2022).
The current response is still positive. However, all eyes will likely be monitoring The Merge and evaluating its success rate. "It would be wiser for investors not to FOMO to accumulate on a large scale. They have to wait for how Ethereum transitions from proof-of-stake and how the trend in the future is before investing again," added Afid.
From the ETH technical analysis, the daily volume is relatively in line with the average trading volume over the last 20 days or the 20-day EMA, which shows no significant confidence for either the long or short side. As a result, the movement of ETH so far is still classified as sideways.
"It is most likely that the bullish movement of ETH was held up by resistance at the level of US$ 1,722. The rejection of that level managed to reverse the direction of the price movement to go down. The closest support is at the level of US$ 1,512 if the price of ETH goes down again," he said.
While the movement of Bitcoin, can still move towards the resistance level of US $ 20,701. On the other hand, the strongest support level is at the level of US$ 19,005 which is a solid resistance to restrain Bitcoin's decline if it drops again. Major support for Bitcoin is still at the level of US $ 17,622.
Afid added, in addition to ETH, crypto assets that also have the potential to rally are Cardano (ADA) and Solana (SOL) which display their best performance. The cause of Cardano's own rise was anticipating Vasil Hardfork. And the rise in SOL is because the Helium community is eyeing merging its operations into the Solana network.
In general, from a macroeconomic perspective, investors are currently waiting for some important data released by the central bank, such as unemployment data and the US interest rate decision. As a result, the movement in trading for some time in the future may not display high volatility either from the upside side.
Most investors believe that the Fed will continue to move aggressively to curb inflation, with predictions of a 75 bps hike at its meeting next week. The dilemma is that inflation is desired to return to 2% from around 8% so that it will hit the ongoing economic growth a lot.