Support between 1848 and 1830 (top of ascending channel).
20% chances of going lower back in the channel..in that case you will get an update.
On-Chain:
On the Ethereum side, traders are clearly holding a long bias, expressed heavily in options contracts centred in September. Both futures and options market are in backwardation after September, suggesting traders are expecting the Merge to be a 'buy the rumor, sell the news' style event, and have positioned accordingly.
Spot withdrawals for ETH from exchanges are however relatively small compared to recent demand peaks. This indicates that sophisticated traders are utilizing the depth of derivatives markets as the preferred instrument, to obtain price exposure, and hedging risk of the Merge event.
Volume is off the Roof and all eyes are on Ethereum
Ethereum is moving closer to adopting a proof-of-stake model for its network, which is less energy intensive than the existing proof-of-work method. The network ran its last dress rehearsal before the major upgrade, which is expected to take place next month.
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