H&S RS complete - $500 price target
The development of the ETH merge has been pretty interesting to watch. Here are my views:
- ETH was hesitating on completing the RS of the H&S pattern formation leading up to the merge, with the bulls pushing the price to the upper 1700s. Price movement failed to test the 50 SMA, volume has stayed the same.
- CPI print came out hotter than expected, yet again proving it is too early to jump back in the risk-on asset market. Major indicies fell along with BTC and ETH suffered too.
- ETH's merge was successful, however price was quite anticlimactic, as expected with the "sell the news" event.
- We now look for ETH to consolidate at the support level of $1350. It is likely the RS will bring new lows to ETH as price momentum slows.
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