Many crypt enthusiasts envision ethereum to go blockbuster once the merge happens. What they fail to notice is that charts give us a true depiction of a forecast. Typically, a bearish trend would only capulate the absorption of the merge into the bullish effect. After that, it will simply put back the bearish pressure back and the market will continue to move down. That being said, we are still bearish on Ethereum and our short levels have not been triggered yet. Market is at the support right now at the price of 1430. If this support breaks, we will have another option at the retest. Other than this, we will have the short option at the price of the resistance at 1950.

The ascending trendline has broken out for sells and has been validated by the price action. This means, we can continue selling in alignment with the trend.

Retracement does not show any indication right now.

The EMA 50 is bearish and the market may not tap the resistance level where we may see a rejection off the EMA. 

RSI is at 37. This is a bearish region and we need to wait for the market to hop back to the 50 level region in order for us to align with our other technical factors. 

Ethereum merge bullish or bearish?

Sep 17 2022