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Ethereum Merge is Coming on Sept 17 and How much more Upside Does ETH Have?

  • moneypig001
  • Aug 15, 2022
  • 2 min read

Written by Moneypig Trading Inc.


What is Ethereum Merge?


Based on Ethereum.org (here), Ethereum Merge marks the end of proof-of-work for Ethereum and the full transition to proof-of-stake. The two major advantages are:

  • This sets the stage for future scaling upgrades including sharding.


  • The Merge will reduce Ethereum’s energy consumption by ~99.95%.

Therefore this event has been marked as the primary catalyst of Ethereum ($ETH). We can see from the following weekly chart below where $ETH has been pushed up more than 100% from the year low $994.


$ETH and $RIOT weekly charts



$ETH briefly broke above $2000/coin and pulled back this weekend. The daily and weekly charts still flag to the upside. If we look at the other crypto miner stock, $RIOT and its weekly chart, it just highly correlates with $ETH.


We expect $ETH to push into $2,162~$2,396 into the Sept 17, 2022 merge, where our new analysis suggests $RIOT could push into 11.89~17.29, respectively.


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Technical Analysis on $ETH and $RIOT this week


$ETH and $RIOT weekly charts


$ETH Downside: 1861, 1952 this week

$ETH Upside: 1962, 2000, 2162.7 this week

$RIOT Downside: 9.36, 8.83 this week

$RIOT Upside: 10.57, 11.89 this week


Possible Action:


Continue to hold and maybe add into our swing trading: $RIOT 09/30/22 10.5C long

Long-term investment continues to hold $ETH (our average at $1,450), $RIOT (our average at $7.3)


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Thank you for reading and have a great day!


Moneypig Trading team


Just a quick disclaimer: Moneypig Trading (https://www.moneypigtrading.com/) is not a financial advisor. Please invest at your own risk. Also, we currently long $ETH and $RIOT.

 
 
 

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