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Ethereum change will affect price technical analysis, says Bollinger


For famous trader John Bollinger, known for creating an indicator named after him, Ethereum’s move to a proof-of-stake consensus will affect the technical analysis performed on the price of the coin.

Bollinger recently revealed that Ethereum is your favorite currency to speculate on the exchangeswhich means that it pays attention to what is happening in this ecosystem.

For the next few days, the cryptocurrency market follows what could be the biggest migration movement of a technology, which has even stirred up the Ethereum whales.

John Bollinger questions whether Ethereum’s move to PoS will affect technical analysis

Many people are concerned about the future of Ethereum, which will soon be defined with a major update to its network called The Merge.

Abandoning Proof-of-Work (POW), the Ethereum network will validate blocks through Proof-of-Stake (PoS) consensus, a controversial migration that has climate reasons among its justifications.

It is not only the technological development part that worries the community of this ecosystem, which also observes the market price very carefully.

One of them is the legendary trader John Bollinger, creator of the “Bollinger Bands”, who talks to people about the migration of Ethereum, currency with which he speculates on exchanges.

According to Bollinger, a cryptocurrency operations manager would have confessed to him that The Merge will make Ethereum a new entity. Therefore, the entire price history of the coin could be in the past, totally impacting those who use technical analysis to trade the asset.

Concerned about the situation, Bollinger asked his followers if they agreed with this narrative, which could indicate that Ethereum was being «reset» in its price history.

“I was talking to another manager and who brought up the idea that after The Merge $ETH will be a new entity and from TA’s point of view the stories won’t change. What do you think?.

ETH whales churn and move coins to exchanges

This Monday (12), a whale from the Ethereum network moved 20,000 coins through the network, depositing all the value that had been there until then in a wallet in the binance-exchange.

The case was detected by «Whale Alert», which saw the movement of 35 million dollars as a sign of danger.

This is because when whales deposit with brokers, it is common for them to sell their positions into the market.

Of course, this whale may have taken this action for various reasons, but the case certainly draws attention, on the eve of the change in the Ethereum network, which is expected to happen next Monday (19), according to official information of “The Merge”.

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