September 15th or 16th
Cryptic ball: the Merge has been scheduled.
Bitcoin and ether kept pumping on top of the news covered in yesterday's post. But both have now met the key resistances around $25k and $2k, respectively. I believe these will be tested again during the weekend. So what's next?
- While $25k is an important level for bitcoin, as it was where it found support in the flash crash of May 12th, ether looks like it has a clear runway to pump, especially given that the Merge's final test was successfully concluded today.
- Yes, we can't forget the Fed won't let the markets run wild as if everyone believes inflation has topped then inflation expectations will ruin the Fed's explicit goal of keeping price increases under control. But that will be priced in.
- Which brings us the umcomfortable realisation bears should show up in September to try to kill the current bounce - at least in the equities market. Fortunately, Ethereum's Merge narrative should remain strong a little longer.
- Just have that thought in mind before going all-in on the latest token to have appreciated 300% in the past month. Because even if Ethereum's shift to Proof-of-Stake is successful that can easily become a "sell the news" event.
- And the date for that moment has been officially scheduled, with Ethereum's main net due to (tentatively) merge with its ETH2 beacon chain around September 15th or 16th - according to the current plan, at least.
Let's keep following this crucial update and understand this bounce won't very likely end before the next great macro event on August 25th, when central bankers will meet in the Jackson Hole Symposium in Wyoming. Don't overthink it!
Chart art: the flippening may be real.
Three things: the yield should always be real.
- Olimpio helps you prepare for Ethereum's upcoming hard fork.
- Ben Lilly helps you understand the drivers of Ethereum's Merge rally.
- Onchain Wizard explains the not-so-hot trend of "real yield".
Tweet tip: the officially has been added to the plan.
Meme moment: the gluttony has been contemplated.
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