26.09.202209:45 Forex Analysis & Reviews: Technical Analysis of ETH/USD for September 26, 2022

Crypto Industry News:

Ethereum co-founder Vitalik Buterin believes other blockchain such as Dogecoin and Zcash should follow the same strategy once the Ethereum fusion has ended.

When asked during Messari Mainnet 2022 if all networks should go proof-of-stake (PoS), Buterin said yes. Zooko Wilcox-O'Hearn, founder of Zcash, was also present at the conference.

Vitalik said:

"I predict that as the proof of stake evolves, its credibility will grow over time."

This is not the first time Buterin has urged Zcash to switch to PoS. He suggested the same idea in 2018.

Ethereum switched to PoS on September 15, following The Merge update. Buterin said the event went smoothly, even though each test network connection encountered "some form of staircase."

Buterin identified scalability as the most important challenge for the next 18 months, adding that the ecosystem must "deliver" this.

The merger made it possible to drastically minimize the impact of blockchain on the environment. Dogecoin overtook Bitcoin as the second largest proof-of-work (PoW) cryptocurrency.

Technical Market Outlook:

The levels of $1,358, $1,407 and $1,424 will now act as the technical resistance for Ethereum bulls as the market is trying to extend the bounce from the extremely oversold conditions on the H4 time frame chart. So far the bulls were able to stay inside the narrow zone located between the levels of $1,281 - $1,358 as the market had been trading inside the zone all the weekend long. Nevertheless, the next target for bears is seen at the level of $1,100, $1,000 and $990. The momentum is neutral-to-negative on the H4 time frame chart, which might indicate the ETH is still in the short-term down trend.

Weekly Pivot Points:

WR3 - $1,352

WR2 - $1,322

WR1 - $1,302

Weekly Pivot - $1,291

WS1 - $1,271

WS2 - $1,260

WS3 - $1,230

Trading Outlook:

The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.