WATCH: Crypto Technical Analysis August 23, 2022: Ethereum Versus Bitcoin (ETHBTC)
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, 2022Looking 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.
Rounded Support And An Inverse Head And ShouldersThe 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 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 stands for stop and reverse, and tells the market when that moment has occurred. Traders utilize the tool to place a trailing stop loss above or below the SAR counter to the trend.
The last two times this signal triggered on monthly timeframes, Ethereum climbed more than 1,000% and 250% against Bitcoin respectively. The second number supports the price objective of the inverse head and shoulders pattern.
Is Ethereum about to go parabolic against Bitcoin? | Source: ETHBTC on TradingView.com ETHBTC Still Stuck In The CloudsFor now, ETHBTC remains stuck under Ichimoku cloud resistance. Breaking out from the cloud could provide the thunder and lightning Ethereum bulls are looking for.
Price is above the Tenkan-sen and Kijun-sen, which are also crossed bullish. Looking back at the Chikou span, price is at a critical resistance level with only one higher resistance level remaining until price discovery occurs.
Ether can't get out of the clouds... yet | Source: ETHBTC on TradingView.comLearn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.
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Featured image from iStockPhoto, Charts from TradingView.comRead more: https://www.newsbtc.com/news/ethereum/crypto-august-23-2022-ethereum-ethbtc/
Text source: NewsBTC
