H&S RS complete - $500 price target

16 set 2022

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.