Analyst John Bollinger explains Ethereum’s decline after the PoS transition

Earlier, he urged crypto traders to be cautious as the underlying trading dynamics continue to change

17.09.2022 - 10:30

458

2 min

What’s new? Renowned technical analyst John Bollinger has expressed skepticism about the Ethereum network’s transition from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS). In the days leading up to The Merge, his tweets were increasingly about Ethereum. On September 9, Bollinger analyzed the price chart, showing that the crypto asset was at the top of a range near the $1723 mark. Since then, however, the price of ЕТН has started to decline vigorously, and the upgrade, he said, has not provided any support.

I see that $ETH survived the merge. Pondering...— John Bollinger (@bbands) September 16, 2022

What did the expert say earlier? In August, Bollinger urged crypto traders to be cautious as the underlying trading dynamics continue to change. In January, the analyst warned investors that the growing adoption of crypto assets, especially among institutions, is making the market more difficult to trade.

What is known about the expert? John Bollinger is an American writer, financial analyst, expert in the field of technical analysis, and the creator of the technical analysis tool called Bollinger Bands. Since 1987, he has published the “Capital Growth Letter,” a newsletter that provides technical analysis of the financial markets.

Bollinger Bands are a technical analysis tool that shows the current deviation of the price of a stock, commodity, or currency. It is calculated on the basis of the standard deviation from the simple moving average (MA).

As of September 17, 10:40 UTC, ETH is trading at $1424, having lost 3,36% in price per day, according to Binance.

Author: