🔥 Ethereum Merge: Buy The Rumour - Sell The News?
As most of you probably know, today is the day of the Ethereum merge. I won't go over what will change, but all I will say is that the market sees this as a highly anticipated event, which has likely caused the massive run-up of ETH during July and August.
Will this be a buy the rumour - sell the news event? Potentially. With yesterday's bad inflation numbers and the stock markets selling off it's more likely than not that investors will take their chances and sell their ETH in the near future.
I'm currently looking at the blue trend line. If we manage to get a higher timeframe candle to close below this trend line, it's likely that we're going to see a continuation of the bear trend all the way towards the purple trend line. Be patient for the break out.
I expect the purple trend line to offer some support, but it's still too early to say whether it will hold or not. If things continue to go south, I'll be looking at the yellow demand area for long-term entries, think >2 year investments.
I'm excited to see how the market will react to the merge. What do you think that will happen? Share your thoughts and charts below.🙏
Will this be a buy the rumour - sell the news event? Potentially. With yesterday's bad inflation numbers and the stock markets selling off it's more likely than not that investors will take their chances and sell their ETH in the near future.
I'm currently looking at the blue trend line. If we manage to get a higher timeframe candle to close below this trend line, it's likely that we're going to see a continuation of the bear trend all the way towards the purple trend line. Be patient for the break out.
I expect the purple trend line to offer some support, but it's still too early to say whether it will hold or not. If things continue to go south, I'll be looking at the yellow demand area for long-term entries, think >2 year investments.
I'm excited to see how the market will react to the merge. What do you think that will happen? Share your thoughts and charts below.🙏
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