Crypto

Today risky assets took a plunge with the Nasdaq losing over 4% and the S&P 500 down by over 3% on the day. Crypto also took a plunge but Bitcoin faired much better than most cryptos posting a loss of over 4% as of 4 PM ET.

Ethereum’s switch to PoS (proof-of-stake) has been the main focus of cryptocurrency traders, miners, and the overall community for the past month. The Merge is set to be the biggest, most monumental, and highly anticipated event that has and will continue to drastically shape market sentiment in the coming month.

Ethereum made intra-day highs that reached beyond $2,000 on Saturday and Sunday (August 13, 14) but both times the break was extremely short-lived re-affirming that $2,000 is more than just a psychological level of resistance.

Bitcoin has had three consecutive lower lows with Saturday’s action resulting in a Doji followed by yesterday’s candle as well as today’s (and Saturdays) can be loosely labeled as shooting stars, which are candles that form at the top of a rally with a small body and a long upper wick.

Ethereum is about to undergo a once-in-a-lifetime metamorphosis that will be remembered for decades. My conservative estimate is that Ethereum prices will 2x over the next month and continue to climb higher and possibly faster than it ever has or will.