Ethereum's Price Flounders Before Upcoming "Ethereum Merge
Ethereum's price is having trouble finding its bullish trend before the "Ethereum Merge" as it keeps failing to break.
- ETH prices are expected to continue to trend downwards as prices remain bearish, with price trading on critical support. This could mean big trouble for ETH investors, as the value of their investment could continue to drop.
- It's been a tough few weeks for ETH price as it continues to hover below the 50 and 200-day Exponential Moving Average (EMA). Some traders and investors are hoping for a return to bullish signs and a price of $500, but so far that has not materialized.
- The price of ETH is currently struggling to break above the key resistance level of $1,400. If it can do so, this would signal the start of a recovery for the price. However, if it fails to do so, the price could continue to decline.
The price of Ethereum (ETH) is struggling to find its footing before the "Ethereum Merge" as the price fails to break the key resistance of $1,400 against tether (USDT). Ethereum (ETH) and other crypto assets enjoyed a relief rally in the past few weeks that saw the crypto market cap looking good for cryptocurrencies across the industry. However, many are now producing double-digit losses. (Data from Binance)
Ethereum Price Analysis: ETH Looks Bullish Above $2,000
It has been more than two weeks since the Ethereum network underwent a major upgrade, and the price of ETH has been under pressure since then. Many traders and investors were expecting a rally to $5,000 or higher after the upgrade, but the price has continued to trend downward, testing support at $1,200. If the price of ETH can hold above $1,200, it may be able to resume its uptrend. However, if it falls below this level, the odds of a further decline increase.
The price of ETH rallied from a weekly low of $900 to a high of $2,013, as many expected the price to form a base or support before continuation ahead of the scheduled merge. The price continued to rise after the merge, reaching an all-time high of $3,000.
I believe that the price of ETH will eventually rebound and reach new heights, despite the current struggles. The $700-$500 region is likely to be a key support level for the price of ETH, and I believe that traders will eventually see the value in this digital asset once again.
I believe that ETH will continue to hold its price around the $1,270-$1,200 range, and may even see a slight uptick in price. However, if it falls below this support, it could mean a retest of the $1000-$900 region again.
In my opinion, the price of ETH will continue to rise and reach $1,400 within the next week. This would be a great time to buy ETH if you are looking to invest in the cryptocurrency.
The weekly support for the price of ETH is $1,270-$1,200.
ETH prices continue to rise, with no end in sight.
It is clear that ETH is currently in a period of consolidation, with the price struggling to break out of the rangebound channel it is trading in. This is likely to continue in the short-term, but eventually ETH will make a move either to the upside or downside, out of the current range.
It looks like ETH is struggling to break past the $1,800 mark, with the 50 and 200 EMA acting as resistance.
It is clear that the price of ETH needs to reclaim $1,400 in order for the market to remain stable. However, if the price falls to $900, it is likely that there will be a more significant retracement to the $700-$500 range due to panic selling. This would be an attractive price for investors and whales who are waiting to buy in.
The ETH price has been resistance at the $1,424 mark for the past few days. However, analysts believe that this could be a temporary blip on the radar and that the price could rebound soon.
The ETH price has been volatile over the past few days, but it looks like it may be stabilizing around the $1,270-$1,200 range.
