In this episode of NewsBTC’s all-new daily technical analysis videos, we are looking at Ethereum ahead of the upcoming Merge using the ETHBTC monthly chart. Specifically, this episode looks at the Ethereum versus Bitcoin trading pair using the Parabolic SAR, Ichimoku Cloud, and much more. Take a look at the video below. VIDEO: Ethereum Versus Bitcoin Analysis (ETHBTC): August 23, 2022 Looking at Ethereum’s monthly chart, after a clear violation of the last uptrend ending in 2017, Ethereum entered a bear market against Bitcoin –– yet was able to build a stable rounded base over the last five years. Related Reading: WATCH: Daily Crypto Technical Analysis August 22, 2022: Bitcoin Price (BTCUSD) Rounded Support And An Inverse Head And Shoulders The rounded pattern has also potentially formed an inverse head and shoulders bottom. With a foundation built and the Merge on its way, this trade has a lot of potential. From the swing low of the pattern to the neckline produced a 350% climb. Applying the measure rule multiplied by the pattern’s percentage of meeting its price target, the pattern’s target is roughly 250%. Will the right shoulder confirm the pattern? | Source: ETHBTC on TradingView.com Related Reading: Ethereum Price Lost 20% Weekly, What’s The Key Support Now? Could The Parabolic SAR Suggest The Flippening Is Ahead? Turning on the Parabolic SAR, the tool suggests a new uptrend could be forming. Parabolic SAR sta...
