Legendary technical analyst John Bollinger, famous for inventing the “Bollinger Bands” analysis tool, made comments on the leading altcoin Ethereum. The analyst said in a tweet today that Ethereum appears to have survived the merger. However, he stated that the crypto money did not just look excited. Therefore, he stated, it points to possible skepticism. Here are the details…
Bollinger skeptical about leading altcoin
Bollinger recently declined to comment on the crypto market. However, the analyst followed the Merge incident closely. He even started tweeting more about Ethereum as we approached Merge. On September 9, Bollinger shared the Ethereum chart, which shows that the crypto asset is at the top of the band at the price point of around $1,723.
Notably, Ethereum price continued to drop as the Merge event failed to provide support. However, the asset seems to have bounced around the $1,395 price point below the Bollinger Bands on Friday. Bollinger used the following statements:
I see Ethereum surviving Merge. I’m thinking…
I see that $ETH survived the merge. Pondering…
— John Bollinger (@bbands) September 16, 2022
Bollinger warned investors
In August, Bollinger warned traders to be cautious in the crypto markets as the underlying trading dynamics continued to change. Bollinger elaborated on his argument by pointing to an “unusual solution” of a Bollinger Band squeeze on Bitcoin charts at the time. In January, the analyst warned crypto investors that the growing adoption of crypto assets, especially among institutions, is making the market more complex to trade.
ETH price continues to decline after Merge
As highlighted earlier, Ethereum price continued to decline after the merger. This strengthened the narrative of “the increase in sales with the news”. In a tweet on Thursday, crypto analyst Ali Martinez shared his negative analysis. He warned that a drop below $1,460 could lead to a free fall to the $1,000 price point. Ethereum is currently changing hands at $1,430, down 2.4% in the last 24 hours.
— Ali (@ali_charts) September 16, 2022
ETH, the second largest cryptocurrency with a market value of $ 172 billion, faced more losses in the 7-day period as it started the week with a rise. ETH has lost close to 17 percent in 7 days. cryptocoin.com As we reported, the altcoin managed to rise to local highs of $ 1,780 with the excitement of the merge earlier this week. Regardless, the altcoin’s value is well below its record about 10 months ago. ETH broke the all-time record with $4,878 on November 10, 2021. At the time of writing, it’s changing hands about 70 percent below that level.
