25.08.202208:44 Forex Analysis & Reviews: Technical Analysis of ETH/USD for August 25, 2022

Crypto Industry News:

The upcoming transition of the Ethereum blockchain to the Proof-of-Stake consensus model is on the final straight. The network's developers have given the exact date of this event, which was named the Merge. As is the case with such advanced activities, certain complications are inevitable. This is where web programmers play a key role, reacting quickly to errors that occur.

Peter Szilagyi, one of the developers of Ethereum (ETH) software, reported on Twitter that he ran into a bug that could damage the network system. He explained that it was probably a request to accept changes that were attached to create a new retention model or shrink the current one. Some time later, the developer indicated that the caught bug will affect people who are running the version 1.10.22 it was related to. He added that the problem of data loss appears after turning off the devices, hence their tests were not able to catch the error.

Nevertheless, the programmers managed to fix the observed error quite efficiently. The Go Ethereum team created a patch that eliminated it. He then instructed users to upgrade backwards and go back to the previous version to check if everything was working properly.

Technical Market Outlook:

The ETH/USD pair has bounced from the technical support seen at the level of $1,559 and is currently approaching the 38% Fibonacci retracement level of the last wave down located at $1,719. The next technical resistance is seen at $1,756 and must be clearly violated in order to continue the up move. The key short-term technical support is located at the level of $1,559 and if clearly violated, then the next target for bears is located at $1,358. The momentum is currently strong and positive, so the short-term outlook is bullish up to the 61% Fibonacci retracement level located at $1,836.

Weekly Pivot Points:

WR3 - $1,703

WR2 - $1,649

WR1 - $1,615

Weekly Pivot - $1,595

WS1 - $1,560

WS2 - $1,540

WS3 - $1,485

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 target for bears is located at the level of $1,358.