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Traders are strategizing on how to trade the Merge as ETH options soar to $8.1 billion, crypto exchanges contemplate shutting down ETH transactions during the merge, and the crypto community weighs the possible outcomes of the post-Merge market.
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Bitcoin (BTC) trended downward the last several days but news of the US Fed continuing its monetary tightening may have influenced this week’s demise. Risk assets are generally not as popular when economies slow down. With privacy in laser focus, an announcement was made this week about a prototype for a secure, open source chip for Bitcoin hardware, which is being developed by Tropic Square.
There seems to be both bad and good news for Bitcoin's short-term price:
BTC's price appears to be in near free fall as it drops out of many channels and wedges. We ultimately find ourselves returning to a familiar channel setup since June 13th, meaning our free fall has another 1.5k to go.
BTC spent the last few weeks attempting to move the price above the 200-Day Moving Average:
We were able to confirm the move above it last week, but the future does not look so bright this week. With the dramatic price shift, we could see BTC moving below the 200 MA.
All eyes are on Ethereum and as the Merge to PoS draws near, uncertainty and anticipation prevail. Altcoin markets were pretty flat over 7 days, but Chiliz (CHZ) had a major breakout, leading crypto gainers with a 36% spike. Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) both made strong gains, the latter rising 7% on the news of their Layer-2 Shibarium.
For Ethereum, it's time to think of the next support zone:
As ETH's price starts entering a free fall, we see possible support levels at approximately 1,660 and 1,575 that have been lines of either past support or resistance.
Zcash (ZEC) began as a fork of Bitcoin and the original team’s vision was to create a more private crypto that could be widely used for payments. With the recent Tornado Cash sanctions, privacy coins like $ZEC are getting a lot of attention from the crypto community and regulators alike.
Get the full scoop on Zcash in our ZEC Coin Profile
Bitcoin (BTC) trended downward the last several days but news of the US Fed continuing its monetary tightening may have influenced this week’s demise. Risk assets are generally not as popular when economies slow down. With privacy in laser focus, an announcement was made this week about a prototype for a secure, open source chip for Bitcoin hardware, which is being developed by Tropic Square.
There seems to be both bad and good news for Bitcoin's short-term price:
BTC's price appears to be in near free fall as it drops out of many channels and wedges. We ultimately find ourselves returning to a familiar channel setup since June 13th, meaning our free fall has another 1.5k to go.
BTC spent the last few weeks attempting to move the price above the 200-Day Moving Average:
We were able to confirm the move above it last week, but the future does not look so bright this week. With the dramatic price shift, we could see BTC moving below the 200 MA.
All eyes are on Ethereum and as the Merge to PoS draws near, uncertainty and anticipation prevail. Altcoin markets were pretty flat over 7 days, but Chiliz (CHZ) had a major breakout, leading crypto gainers with a 36% spike. Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) both made strong gains, the latter rising 7% on the news of their Layer-2 Shibarium.
For Ethereum, it's time to think of the next support zone:
As ETH's price starts entering a free fall, we see possible support levels at approximately 1,660 and 1,575 that have been lines of either past support or resistance.
Zcash (ZEC) began as a fork of Bitcoin and the original team’s vision was to create a more private crypto that could be widely used for payments. With the recent Tornado Cash sanctions, privacy coins like $ZEC are getting a lot of attention from the crypto community and regulators alike.
Get the full scoop on Zcash in our ZEC Coin Profile
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
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