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

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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