Ethereum Merge & The Fork Wars
There has been a lot to unpack this week on the Ethereum chain and the Stormrake research team has been working hard to compile a list of resources for our readers
The information contained here is for general information only. It should not be taken as constituting financial advice. Stormrake is not a financial adviser. You should consider seeking independent financial advice prior to making any personal investments.
The Fork Wars: The Miners Strike Back
We suggest our readers to go over our recent article covering a potential ETH fork and develop an understanding as to how they wish to approach trading this opportunity. You can read all about it by clicking HERE.
Understanding The Ethereum Merge
Our second research article is covering what is the merge, the difference between Proof-of-Work and Proof-of-Stake, the benefits and drawbacks of PoW and Pos, and what does this mean for Bitcoin and Ethereum. You can read all about it HERE.
Bitcoin Key Levels
Bitcoin had almost tested the key level of 25k putting in a high around 24.9k, failing to breach that massive resistance level has led to a small pullback with prices currently trading around 23.9k. Should we fail to see a lift in prices, the next level of support comes in at 22.4k and 21.1k respectively.
For a move to the upside, we would like to see a strong daily close above 25k for a sharp move towards 28.5k, for those who are still reeling from the capitulation we had seen in June, these are the levels where prices started to collapse from and would prove to be a massive morale booster if reclaimed.
ETH Outperformance
Ethereum has massively outperformed against Bitcoin and is up 42.7% for the month in the ETH/BTC pairing. Currently trading just above 1800, this is an important level as this is where prices had started to break down in the liquidation cascade where it had teleported towards 800. Should the bullish momentum fail to close above this key level, a pullback towards 1700 and then 1400 can’t be ruled out.
Should the bullish narrative around the merge continue and speculation continues to climb, a daily close above 1800 will lead us into 2000 - 2167 pocket for a retest of resistance. Definitely an exciting market to be keeping an eye on.
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