In this episode of NewsBTC\u2019s all-new daily technical analysis videos, we are looking at Ethereum ahead of the upcoming Merge using the ETHBTC monthly chart.<\/p>\n
Specifically, this episode looks at the Ethereum versus Bitcoin trading pair using the Parabolic SAR, Ichimoku Cloud, and much more. Take a look at the video below.<\/p>\n
VIDEO: Ethereum Versus Bitcoin Analysis (ETHBTC):\u00a0August 23, 2022<\/p>\n
Looking at Ethereum\u2019s monthly chart, after a clear violation of the last uptrend ending in 2017, Ethereum entered a bear market against Bitcoin \u2013\u2013 yet was able to build a stable rounded base over the last five years.<\/p>\n
Rounded Support And An Inverse Head And Shoulders<\/p>\n
The rounded pattern has also potentially formed an inverse head and shoulders bottom. With a foundation built and the Merge on its way, this trade has a lot of potential. From the swing low of the pattern to the neckline produced a 350% climb. <\/p>\n
Applying the measure rule multiplied by the pattern\u2019s percentage of meeting its price target, the pattern\u2019s target is roughly 250%.<\/p>\n
Will the right shoulder confirm the pattern? | Source: ETHBTC on TradingView.com<\/p>\n
Could The Parabolic SAR Suggest The Flippening Is Ahead?<\/p>\n
Turning on the Parabolic SAR, the tool suggests a new uptrend could be forming. Parabolic SAR stands for stop and reverse, and tells the market when that moment has occurred. Traders utilize the tool to place a trailing stop loss above or below the SAR counter to the trend.<\/p>\n
The last two times this signal triggered on monthly timeframes, Ethereum climbed more than 1,000% and 250% against Bitcoin respectively. The second number supports the price objective of the inverse head and shoulders pattern.<\/p>\n\n
Is Ethereum about to go parabolic against Bitcoin? | Source: ETHBTC on TradingView.com<\/p>\n
ETHBTC Still Stuck In The Clouds<\/p>\n
For now, ETHBTC remains stuck under Ichimoku cloud resistance. Breaking out from the cloud could provide the thunder and lightning Ethereum bulls are looking for.<\/p>\n
Price is above the Tenkan-sen and Kijun-sen, which are also crossed bullish. Looking back at the Chikou span, price is at a critical resistance level with only one higher resistance level remaining until price discovery occurs.<\/p>\n\n
Ether can’t get out of the clouds… yet | Source: ETHBTC on TradingView.com<\/p>\n
Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.<\/p>\n
Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
In this episode of NewsBTC\u2019s all-new daily technical analysis videos, we are looking at Ethereum ahead of the upcoming Merge using the ETHBTC monthly chart.<\/p>\n
Specifically, this episode looks at the Ethereum versus Bitcoin trading pair using the Parabolic SAR, Ichimoku Cloud, and much more. Take a look at the video below.<\/p>\n
VIDEO: Ethereum Versus Bitcoin Analysis (ETHBTC):\u00a0August 23, 2022<\/p>\n
Looking at Ethereum\u2019s monthly chart, after a clear violation of the last uptrend ending in 2017, Ethereum entered a bear market against Bitcoin \u2013\u2013 yet was able to build a stable rounded base over the last five years.<\/p>\n
Rounded Support And An Inverse Head And Shoulders<\/p>\n
The rounded pattern has also potentially formed an inverse head and shoulders bottom. With a foundation built and the Merge on its way, this trade has a lot of potential. From the swing low of the pattern to the neckline produced a 350% climb. <\/p>\n
Applying the measure rule multiplied by the pattern\u2019s percentage of meeting its price target, the pattern\u2019s target is roughly 250%.<\/p>\n
Will the right shoulder confirm the pattern? | Source: ETHBTC on TradingView.com<\/p>\n
Could The Parabolic SAR Suggest The Flippening Is Ahead?<\/p>\n
Turning on the Parabolic SAR, the tool suggests a new uptrend could be forming. Parabolic SAR stands for stop and reverse, and tells the market when that moment has occurred. Traders utilize the tool to place a trailing stop loss above or below the SAR counter to the trend.<\/p>\n
The last two times this signal triggered on monthly timeframes, Ethereum climbed more than 1,000% and 250% against Bitcoin respectively. The second number supports the price objective of the inverse head and shoulders pattern.<\/p>\n
Is Ethereum about to go parabolic against Bitcoin? | Source: ETHBTC on TradingView.com<\/p>\n
ETHBTC Still Stuck In The Clouds<\/p>\n
For now, ETHBTC remains stuck under Ichimoku cloud resistance. Breaking out from the cloud could provide the thunder and lightning Ethereum bulls are looking for.<\/p>\n
Price is above the Tenkan-sen and Kijun-sen, which are also crossed bullish. Looking back at the Chikou span, price is at a critical resistance level with only one higher resistance level remaining until price discovery occurs.<\/p>\n
Ether can’t get out of the clouds… yet | Source: ETHBTC on TradingView.com<\/p>\n
Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.<\/p>\n
Follow @TonySpilotroBTC on Twitter or join\u00a0the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is\u00a0educational and should not be\u00a0considered investment advice.<\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n
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