John Bollinger Indicates Ethereum Skepticism.
In a tweet today, legendary technical analyst John Bollinger, famous for inventing the Bollinger Bands, noted that Ethereum appears to have survived The Merge but did not sound excited, indicating possible skepticism.
“I see that $ETH survived the merge. Pondering…,” Bollinger wrote.
I see that $ETH survived the merge. Pondering…
— John Bollinger (@bbands) September 16, 2022
While Bollinger has recently refrained from commenting on the crypto market, the analyst has been closely following The Merge event, with more tweets about Ethereum in the days leading up to The Merge. On September 9, Bollinger shared his Ethereum chart showing that the crypto asset was at the top of the band at about the $1,723 price point.
Notably, the price of Ethereum has continued to slide since, with The Merge event providing no support. However, the asset appears to have bounced on Friday around the $1,395 price point at the bottom of the Bollinger Bands.
In August, Bollinger had cautioned traders to be careful in the crypto markets as the underlying trading dynamics continue to change. Bollinger, at the time, elaborated on his case by pointing out an “unusual resolution” of a Bollinger Band squeeze in the Bitcoin charts. In January, the analyst warned crypto investors that the growing adoption of crypto assets, especially amongst institutions, is making the market more complex to trade.
As highlighted earlier, following The Merge, the price of Ethereum has continued to plummet, strengthening the “sell the news” narrative. In a tweet on Thursday, Crypto analyst Ali Martinez warned that a dip below $1,460 could lead to a free fall to the $1,000 price point.
— Ali (@ali_charts) September 16, 2022
Ethereum is currently trading at the $1,430.03 price point, 2.96% lower in the last 24 hours.
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