Ethereum Price Is Declining Following The Merge, Vital Trading Levels To Follow
18 September 2022 - 03:00AM
NEWSBTC
The Ethereum price showed no positive effect despite the successful
completion of the Merge. Over the last 24 hours, the coin
depreciated by 2%, and in the last week, Ethereum noted a 17%
decline. At the moment, ETH is trading sideways with very little
change in price. A further drop in prices would mean that Ethereum
could be captured by the bears. Technical indicators have turned
bearish at the time of writing. Sellers are dominating at the time
of writing, which points towards increased chances of the bears
taking over. The current support line for Ethereum was $1,350, and
if buyers push back into the market, Ethereum could move slightly
upwards. Ethereum could be facing strong resistance at the $1,500
price level. Bitcoin’s chart also hasn’t looked very positive in
the past few days as BTC revisited the $19,800 price zone.
Increased buying power could lead to a short-term breakout near the
$1,500 price zone for Ethereum. Ethereum Price Analysis: One Day
Chart ETH was trading at $1,431 at the time of writing. The coin
was moving further close to its immediate support line of $1,350.
The immediate resistance mark for Ethereum was at $1,500, which
earlier acted as a support zone for the coin. It is now
consolidating near the $1,400 price zone. With buyers coming back
into the market, Ethereum might be able to zoom past the $1,500
price level. However, it is yet to be seen how long the coin
manages to trade above its overhead resistance. The amount of
Ethereum traded declined in the past session, signalling that
sellers have taken charge of the price action. Technical Analysis
ETH registered a fall in the number of buyers as they seemed to
have lost confidence in the asset given that Ethereum barely
registered positive movement after the completion of the Merge. The
Relative Strength Index was below the half-line, as an indication
that buyers left the market. The Ethereum moved below the 20-SMA
line, and that was also another indication of the sellers’ driving
the price momentum in the market. Buying strength can help ETH rise
above the 20-SMA, reinstating some positive price action. Related
Reading: Ethereum Faces Test Of Survival After Merge, Can $1,400
Support Hold? Other indicators of Ethereum have also depicted
bearish price action, with an intense sell-off across most
indicators. The Awesome Oscillator measures the price momentum and
the overall direction of the asset. AO depicted red histograms
underneath the half-line, signifying the sell signal for the coin.
Bollinger Bands depict price volatility and fluctuations. The bands
narrowed, which was indicative of rangebound price movement for
Ethereum. Related Reading: Ethereum Price Stalls While Bitcoin Dips
Below $20,000 Post Merge Featured image from Pixabay, chart from
TradingView.com
TRON (COIN:TRXUSD)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
TRON (COIN:TRXUSD)
Historical Stock Chart
Von Mär 2023 bis Mär 2024