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.