ETH on Watch
While the crypto market, as a whole, is still seeing a washout this year, Ethereum has been quietly grinding higher over recent weeks. ETH is seeing some specific support linked to a planned change in the currency’s operating system. ETH, which is the second largest digital coin, behind Bitcoin, will shift from a proof-of-work consensus mechanism to a proof-of-stake blockchain between September 10th and September 20th.
The dates were confirmed this week and the “merge” as it’s known, which essentially comprises an upgrade in how the system works, is expected to drive a fresh wave of buying in ETH. The main driver behind the expected uptick in demand is that ETH coin issuance will be cut by around 90%, which crypto watchers believe will drive a large rally in ETH over the remainder of the year.
Technical Views
ETH
The rally in ETH off the 986 lows has seen the market grinding higher within a clear bull channel, breaking out above the bearish channel from YTD highs. While the bull channel holds, look for further advancement back towards the 2422 level. 1715 is the current pivot which bulls need to stay on the right side of to keep the near-term outlook positive.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.