Ether (ETH) has stalled between a range, but it is unlikely to last long. The bullish outlook for crypto looks bleak as Europe’s energy crisis sent the euro to a two-decade low against the US dollar. Meanwhile, the US Dollar Index (DXY), which is inversely correlated with stock markets and crypto, shot above 110 for the first time since June 2002. ETH has risen by around 6% due to the Bellatrix Upgrade due today. This also had led to the swell in volume by more than 70% in the last 24 hours. This is the final steps required before the official merger, which will see Ethereum transition to a proof-of-stake consensus mechanism between September 10th and 20th.
At the time of writing, ETH was trading at $1,642.
ETH after making the recent high of $2,030 witnessed a sharp correction and the prices fell almost by 29% and made the weekly low of $1,422. Post this move, the asset made a ‘Tweezer Bottom & Bullish Engulfing’ pattern at the recent low and started moving up. ETH has a strong resistance zone from $1,700 to $1,750 (Horizontal trendline & 23.6% Fibonacci Retracement Level). Once these resistances are broken with good volumes then we can expect it to further rally upto $2k mark.
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