(John Isige – FXStreet)
– Ethereum price prints three successive bullish candles as investors warm up to the Merge.
– Coinbase assures users that Ethereum transactions will not be censored after the Merge.
– Whales are working around the clock to fill their bags ahead of the Merge for a continued northbound move.
Ethereum price has formed three bullish daily candles, affirming its micro position before the Merge occurs. The second-largest cryptocurrency toppled from highs marginally above $2,000 around mid-August. Declines were unstoppable until Ether price slowed at $1,427. Although a full recovery remained elusive, ETH is now almost brushing shoulders with $1,700 while bulls push for gains beyond $2,000.
Coinbase is ready for the Merge – promises no censorship
All eyes are on Ethereum ahead of the Merge – which will take place roughly a week from now. Ether’s transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus will be one of the biggest events in the cryptocurrency industry and will likely result in numerous ramifications.
One of the emerging issues is censorship and whether Ethereum will be a victim like the recently sanctioned Tornado Cash. Due to this, users and other interested parties in the community have been prompted to find out about the protocol’s ability to be censorship resistant.
However, Coinbase could be the answer to this problem after Paul Grewal, the company’s legal officer, affirmed that Ethereum transactions will not be censored. It is worth mentioning that Coinbase is one of the validators and by far one of the biggest holders of ETH-based assets – making it one of the biggest beneficiaries of the Merge.
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Grewal assured users that Ethereum transactions would not be censored by regulatory authorities even when they use services from platforms sanctioned by the US Treasury’s Office of Foreign Asset Control for money laundering and other illegal activities.
Ethereum price 6% climb brings $2,000 within reach
Ether’s price is battling resistance highlighted by the 50-day Simple Moving Average (SMA). The climb from support at $1,427 was gradual but steady. A break above the moving average would uphold the bulls’ presence in the market. Additionally, a daily close above the resistance marked by the 78.6% Fibonacci retracement level would start the second leg of the recovery to $2,000.
The stochastic oscillator adds credence to the bullish outlook, appearing to reflect price as it rises higher. The index crossed the midline, implying buyers have the upper hand. Subsequently, the ascending trendline shows that despite August’s deep correction, Ethereum price has not broken a multi-month bullish trend since June.
According to Glassnode, the number of addresses with a balance of not less than 1,000 ETH has grown to 6,404 from 6,174 recorded on May 10. This increase directly translates to a higher tail force and is a bullish signal. If whales keep accumulating before the Merge, Ethereum might not stop at $2,000 but close the gap to $3,000.
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