Ethereum Price Is Declining Following The Merge, Vital Trading Levels To Follow
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The price of Ethereum did not show any positive impact despite the successful completion of the merger.
In the last 24 hours, the coin lost 2 percent in value, and last week Ethereum saw a 17 percent drop. Currently, ETH is trading sideways with very little price movement.
A drop in prices would mean that bears could capture Ethereum. Technical indicators have turned down at the time of this writing.
This is dominated by sellers at the time of writing, suggesting that the potential for the bears to take over is increasing.
Ethereum’s current support line was $1,350, and if buyers push back into the market, Ethereum could move slightly higher.
Ethereum may face strong resistance at the $1,500 price level.
Bitcoin’s chart has also not looked very positive in recent days, with BTC returning to the $19,800 price zone. Increased buying power could lead to a short-term breakout near Ethereum’s $1,500 price zone.
Ethereum Price Analysis: One Day Chart
ETH was trading at $1,431 at the time of writing. The coin was closer to its immediate support level of $1,350.
Ethereum’s immediate resistance mark was $1,500, which previously served as a support zone for the coin.
It is now consolidating near the $1,400 price zone. As buyers return to the market, Ethereum may be able to zoom above the $1,500 price level.
However, it remains to be seen how long the coin will manage to trade above its upper resistance. The volume of Ethereum exchanged decreased during the previous session, indicating that sellers have taken charge of the price action.
ETH registered a drop in the number of buyers as they seemed to have lost confidence in the asset as Ethereum hardly registered any positive movement after the merger.
The relative strength index was below the halfway line, which indicated the exit of buyers from the market.
Ethereum moved below the 20-SMA line, which was also another indication that sellers were driving price momentum in the market.
The buying power can help ETH break above the 20-SMA and restore positive price action.
Other Ethereum indicators have also shown bearish price trends, with most indicators selling strongly.
The Awesome Oscillator measures price momentum and the general direction of an asset. AO depicted red histograms below the half line, which meant a sell signal for the coin.
Bollinger bands describe price volatility and fluctuations.
The limits narrowed, indicating Ethereum’s price swings.