Ether Eyes Price Rally After 'Wedge' Breakout, But Europe's Energy Crisis Zaps Risk Appetite

Ether looks north after last week's falling wedge breakout. However, risk-off keeps buyers at bay. godbole17 reports.

Ether , the second largest cryptocurrency by market value, looked set for renewed price ahead of the Ethereum"Merge," according to observers tracking chart patterns.

Last week, the native token of Ethereum's blockchain broke out of a falling wedge pattern identified by two converging and descending trendlines connecting Aug. 14 and Aug. 25 highs and lows hit on Aug. 10, Aug. 20 and Aug. 28. Ether's wedge breakout indicates the correction from the Aug. 14 high of $2,000 has ended and the uptrend from the June 13 low of $1,000 is likely to resume.

– the technological upgrade that will transform the smart contract platform to a proof-of-stake network. The overhaul is likely to cause a drastic reduction in ETH supply and bring a store of value appeal to the cryptocurrency.Traders often use technical analysis – a study of price patterns – to help make investment decisions.

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