The Beauty (The Merge) And The Beast (The Fed) - Why Ethereum (ETH) Is Bearish Again

By Bfab | Good vibes | 29 Aug 2022

1. The Beauty (The Merge)

Most of us believed in the beauty of The Merge. It had been constantly pushed out until the date was confirmed, and now, it is likely to happen. Most of us also believed it will make Ethereum (ETH) bullish again, and that 2k$ will be the new support. Most of us believed that until... End of last week.

2. The Beast (The Fed)

Like always, a few words from The Fed, aka Jerome Powell, are more powerful than all the efforts made by the whole Ethereum community to make ETH bullish again through The Merge. Powell had only to say “Restoring price stability will likely require maintaining a restrictive policy stance for some time” to break everything down, starting with Bitcoin (BTC), then Ethereum (ETH) and other altcoins. Like always, as the volatility is higher for ETH than for BTC, and higher for most of the other altcoins than for ETH, it has been like a domino effect. BTC tumbled a bit, ETH tumbled a bit more than BTC, and most of the other altcoins tumbled more than ETH...

3. And now?

Like always, patience is crucial in cryptos, we had a mini bull run for a few weeks after Powell gave positive signs of flexibility, so it it is likely now that we will have a mini bear market for a few weeks since he gave negative signs of economic hardship... Take your time, you can slowly accumulate again, Rome was not made in one day. Look at ETH/BTC chart: Where is the next support for ETH, at 0.072, 0.065 or 0.054? It can be lower than you think.

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Disclaimer: this article does not contain any financial advice. The information is provided for general informational and educational purposes only.

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