For months, the overall cryptocurrency industry has been in a state of turmoil. The entire crypto investment community is concerned and unrest due to the downtrend of the crypto industry.
Amidst the turmoil and sense of insecurity among the crypto community, there is one factor providing comfort to the investment community.
The Merge is closing in
The positive factor is the upcoming implementation of “The Merge”, which is an assurance for the crypto community.
The Merge is the upgradation of the Ethereum blockchain from PoW to the PoS protocol. The very feeling of the upgrade being implemented very soon has the entire cryptocurrency very excited.
As per the latest updates, the implementation of the upgrade is set to take place by September 15. The confidence of the investors is rising in staying bullish for Ethereum as the implementation date is getting closer.
Therefore, the attempts made by the bears to pull the price of ETH to the bottom would turn futile for now. The investors are very positive about the implementation of The Merge, which is why a selling spree may not work out for long.
Recent Price Movements
Just recently, Ether (ETH) recorded a dip in value when it fell to the 20-day EMA ($1,611). It was on August 31 when the trading price of ETH hit a particular level.
It was thought that the trading price of ETH may continue falling downwards. However, the bulls had something else planned out for the digital asset.
They did not let the bearish approach of the sellers take over the trend and pushed back with a stronger buying intent. As the bulls increased their buying power, the price of ETH did not fall below the H&S pattern.
If the particular pattern were to form, the trading price of ETH would start falling at a faster rate and hit a bottom price.
ETH’s Bounce to 50-day SMA
As the bulls applied stronger buying power, the value of ETH rose to $1,640 (50-day SMA). According to the analysts, the bulls aim to push the trading price of ETH over the 50-day SMA level and go higher.
The next target that the bulls have in sight is the $1,700 benchmark. The bulls are expecting a strong resistance at $1,700 and they may have to increase their buying force to go over the particular level.
If the bulls successfully overcome the $1,700 obstacle. They will have a clear sight and will be able to hit a high trading price of $1,848. From there, the bulls will have the opportunity to launch yet another strong buying attack.
As the bulls launch another strong buying spree, the rally may help the digital asset rise all the way up to a high of $2,030.