empty
16.08.2022 08:40 AM
Technical Analysis of ETH/USD for August 16, 2022

Crypto Industry News:

On August 11, 2022, Ethereum developers notified the community during the Consensus Layer Call live stream that the Merge update is likely to occur between September 15-16. The next day, Ethereum co-founder Vitalik Buterin confirmed that The Merge is likely to take place on September 15th.

Since then, everyone has been asking where the current Ethereum hashrate will go after the update goes live. There has always been a lot of speculation that most of the ETH hashrates will be redirected to Ethereum Classic (ETC), however this is not the only opinion.

There was one significant drop in ETH network hashrate that started on June 6. Statistics show that on that day 1.23 petahashas per second (PH /s) or 1,230 terahashas per second (TH /s) was dedicated to the Ethereum network. The data shows that around 230 TH /s have left the network, but none of the chains supporting Ethash have recorded hashrate accumulation on such a scale.

Technical Market Outlook:

The ETH/USD pair has hit the level of $1,990, which is the 100% Fibonacci extension of the wave A. The local high was made at the level of $2,029, nevertheless the upside is limited due to the key technical resistance located at the level of $2,040. The momentum had violated the level of fifty already and it points to the south indicating a strong bearish activity. The nearest technical resistance is seen at $1,915 and must be clearly violated in order to continue the up move. The key short-term technical support is located lower, between the levels of $1,785 - $1,756.

This image is no longer relevant

Weekly Pivot Points:

WR3 - $2,132

WR2 - $2,042

WR1 - $1,986

Weekly Pivot - $1,953

WS1 - $1,897

WS2 - $1,864

WS3 - $1,775

Trading Outlook:

The down trend on the Ethereum might have been terminated at the level of $880. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next key psychological level for bulls is located at $2,000 and needs to be clearly violated before any extension higher.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Trading Recommendations for the Cryptocurrency Market on May 6

Bitcoin and Ethereum spent the day in a sideways channel, although signs of active selling during yesterday's American session raise certain questions about the trading instruments' further short-term upward prospects

Miroslaw Bawulski 09:11 2025-05-06 UTC+2

Bitcoin Loses Its Foothold and Balances on a Knife's Edge: The $95,000 Trap

Bitcoin is under pressure once again. On Monday, the price of the world's largest cryptocurrency dropped below $95,000, and this is more than just another correction. It's a symptom

Ekaterina Kiseleva 00:50 2025-05-06 UTC+2

Stablecoin bill in jeopardy

Bitcoin and Ethereum have declined, and the broader cryptocurrency market reacted negatively to news that the bipartisan GENIUS Act—Guiding and Enabling National Innovations for Unleashing Stablecoins—was expected to reach

Jakub Novak 15:04 2025-05-05 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 2

Bitcoin and Ethereum buyers have achieved new key resistance levels, indicating strong demand. Bitcoin has reached the $97,400 level, while Ethereum has approached the $1,870 mark. Meanwhile, the buzz around

Miroslaw Bawulski 09:15 2025-05-02 UTC+2

Technical Analysis of Daily Price Movement of Chainlink Cryptocurrency, Friday May 02, 2025.

With the appearance of the Bullish 123 pattern followed by the appearance of the Bullish Ross Hook which managed to break the previous downtrend line and the Stochastic Oscillator indicator

Arief Makmur 08:01 2025-05-02 UTC+2

Bitcoin: Who's Behind the New Accumulation and Where Is the Price Heading?

Amid a steady outflow of coins from exchanges, renewed futures market activity, and a rise in short-term holders, the world's largest cryptocurrency lays the groundwork for a potential move that

Ekaterina Kiseleva 01:03 2025-05-02 UTC+2

Bitcoin: why May could become pivot point for crypto market

While financial mainstream market participants are mulling over recession risks and interest rates, Bitcoin is steadily gaining ground. April has turned out to be the strongest month for the leading

Ekaterina Kiseleva 16:05 2025-04-30 UTC+2

What could help Bitcoin to advance to new level

While Bitcoin—and the entire cryptocurrency market—awaits crucial US economic data that could shape the Federal Reserve's path, Goldman Sachs has shared what it believes could help crypto reach

Jakub Novak 13:25 2025-04-30 UTC+2

Bitcoin and Ether hold their ground

Yesterday's sharp intraday declines in Bitcoin and Ether were quickly bought up, signaling ongoing interest from traders and investors who are simply waiting for more attractive buying levels. Meanwhile, lawmakers

Jakub Novak 12:59 2025-04-30 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 30

Bitcoin and Ethereum buyers continue to take advantage of the good moments of the market decline and buy it out quickly, as demonstrated today during Asian trading. Importantly, Bitcoin

Miroslaw Bawulski 08:57 2025-04-30 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.