Ethereum Merge has been helping Bitcoin and other altcoins for an upcoming rally. Ether (ETH) broke the overhead resistance at $1700 on Sep 9, but the bulls are facing strong resistance at $1800. This suggests that the bearish sentiments haven’t died down and the bears are selling at higher levels. Derivatives marketplace Chicago Mercantile Exchange Group (CME Group) has announced that it would launch options trading for its Ether (ETH) futures products. The asset volume has increased by around 18% and dominance is at 19.7%.
At the time of writing, ETH was trading at $1,707.
ETH corrected by almost 30% from the previous high of $2,030 to $1,422. Post this move the asset made a ‘Tweezer Bottom & a Bullish Engulfing’ pattern and started moving up. Currently ETH is facing strong resistance around $1,750 (Horizontal trendline & 23.6% Fibonacci Retracement Level). Once it closes and sustains above the resistance then we can expect the prices to further rally up to $2,000 to $2,150. The asset is trying to take support at its 20 Day Moving Average.
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