Lotta rumor swirling for Ethereum right now, weekend has been filled with reports of the merge completing this quarter or next. ETH has been pumping from Mar 12th to the 18th retraced a bit and then resumed the pump back up the 19th to today.
The merge to the PoS seems to be a good catalyst incoming, of course the rumors stage apparently helping the price and the catalyst of the merge might help the price further (pending a successful merge). Of course gas fees won’t be addressed on this merge event unfortunately but what it will gain is the “eco-friendly badge” maybe opening for institutions not willing to support non eco friendly chains. Also the PoS will in turn bring more deflationary mechanics to ETH from what I’m reading. The issuance is to drop greatly with the merge and ETH EIP 1559 brought with it the fee burn mechanic to the playing field. This lower issuance and EIP 1559 fee burn should result with a deflationary ETH. I’m feeling bullish. What you guys think?? Might put a little more into my staked “ETH 2” through Coinbase and purchase more ETH for a possible run that I can actually sell through the end of rumor stage and through merge catalyst (if successful).
Wen Merge?? IMMINENT ™️
So as we approach The Merge I wanted to update the thread. Since the original post so much has happened, dev wise and price action wise. It’s been a hell of a roller coaster, I’m surprised I didn’t lose my funnel cake.
So The Merge begins tomorrow September 6. This is only part 1 (Bellatrix) of The Merge. Part 2 (Paris) is supposedly to occur around September 10-20. Of course Part two can’t happen if Part One doesn’t successfully launch. Quick look at the chart shows this…
Sorry for all the lines, I’ve been technical happy here lately. So ETH looks to be showing technical possibilities for Bullish vibes. First, ETH attempting to break above the upper trend line and second the 9/21 MA are reaching for each other with purpose. The 9/21 touching and throwing a Golden Cross will get me on board to buy a little more in preparation for a potential run up until Part 2 occurs.
A failure to launch of Part 1 tomorrow of course would more than likely destroy the possible bullish vibe technicals and set off another sell off.
I’ll be back to update tomorrow, hopefully we can say Happy Merge Day (Part 1)!
Looking good so far, supposedly the launch time is 11:30AM UTC which is 7:30 AM EST. The Golden Cross is IMMINENT but as long as this Part 1 launches successfully and doesn’t fall out of the sky like one of our ASTR plays in the past.
Thankfully Part 1 of The Merge launched well and had its sell off the rest of the day. The sell off delayed the Golden Cross on the 9/21 MA but it has blessed us with its presence now. I’m guessing that with the Golden Cross logged we can get a short term rally leading up to Sept 13-15 when Part 2 should take place. I’m bullish on ETH long term so I’m hoping that Part 2 will go well so that the new POS mechanics take place. There’s no guarantees though so I’m buying some more but not too heavy just in case there is a delay which would in turn cause a sell off.
ETH looking to mark above the upper trend line, looking like the beginning of a breakout until at least Part 2 of The Merge.
ETH looking to turn on the thrusters. Testing 1734 resistance as I type this on the 1D. Also on the one day it’s aiming to activate a second Golden Cross on the 13/48 MA (probably a couple days out).
On the 15 Min 3 Golden Crosses activated and price above all three MA’s (50/200, 9/21 & 13/48).
Hopefully we get a good run up until Part 2!
So ETH tested the upper trend line and was slapped back down during the day. Time is running out for a pre The Merge rally as it is estimated to occur in about 48 hours so around midnight Wednesday going into Thursday. The 13/48 MA are shooting for a Golden Cross to join the 9/21 Golden Cross. With CPI lurking tomorrow I think a good print will let ETH run up, and a bad print it’ll roll down. Hopefully CPI comes in good to let the overall market and crypto market finally start pointing to the stars.
Happy The Merge Eve!
So we are a few hours away from the final part of The Merge. Unfortunately as you can see by the big red inflamed candle that caught CPI-itis, the momentum for a small run up to tonight was slapped from existence by inflation’s fat baby powdered hand. It is moving right into a wedge and trying to reach for a Golden Cross on the 50/200 MA on the 1 Day but macro factors and bear gravity have shown their might.
From this point only Pepe Prays can be sent to hope that The Merge launches successfully and tomorrow we have a PoS Ethereum with of course some sell the news price action. If it fails, a steep sell off would be more than likely and I will try not to look at the Ports LOL!
Anyways the next steps upcoming for Ethereum if it doesn’t RIP in a few hours are…
The Surge, The Verge, The Purge and finally The Splurge.
I guess new threads will have to made for the remaining steps but we gotta see what happens in a few hours. If it fails I’ll be back here to shed a tear or two…