Coinmonks
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Will Ethereum Break Critical Resistance and Rally?

My Answer is twofold….

My guess based on the metrics is NO. With that said there are alot of factors that can play a role in that, but I will give you my technical analysis as to why I think it wont, then I will go over a few reasons that it could.

So to start we have a critical upper resistance that still has yet to be broken. Some rumors say that the merge could actually happen between the next 24 hours and Sept 20th. But we wont know until they actually announce it.

The resistance line is currently at about 1850 if we were to basically go up from here without a bunch of consolidation or up and down movement before hitting that level. I will show this on the chart below.

So looking at the trend line, we see a major resistance that has yet to be broken. In addition to that, We also have trend exhaustion and price versus whale money flow high on both the 4hr and Daily timeframes, which is another technical indication of an impending drop.

But, we also know that retail FOMO, can overextend prices beyond normal trends and cycles, and with the merge fast approaching retail traders are still buying the hype. The question is will it be enough to push Ethereum past the major resistance, or will it stall. The answer really lies on when the Merge is fully implemented. If it rolls out tomorrow, I think we will not see a rally past the resistance line, and will continue with the bear cycle and see another BIG drop. If they wait another week or two and retail traders buy the hype, we may have enough gas to get us above that threshold to see a bull rally. The best thing you can do as an investor is to wait for confirmation or a test and break down before you make any major buying or selling decisions!!!

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