ETH Struggles To Break Past $1,300 Resistance

ETH has led investors and traders on a fascinating adventure post-merge. Since the hyped Merge, Ethereum’s value has fallen by 26.36%.

The token’s recovery from June to August was fully erased by this decrease and the market catastrophe on September 13.

Fears of a further decline for the token are palpable as the price struggles to break through the 61.80 Fib level, currently at $1,329, following the U.S. Federal Reserve’s interest rate hike announcement. It could indicate that the price of tokens will fall further.

The Ethereum Foundation An upward trajectory

There was a precipitous drop in ETH’s price from September 13-19, fairly dissimilar to the drop in May and June but far lower in magnitude.

However, the result was the same: a drastic drop in investor confidence in the ecosystem and in the token.

The ETH TVL hasn’t improved much after the switch to proof-of-stake. It fell from $34.63 billion to $30.38 billion between September 13th and 19th, the same time period as last year, which is a massive decline of 12.27%.

The price fluctuates between $1,300 and $1,300 as of writing. You can understand this as a constant conflict between bulls & bears.

ETH was also hit by a rejection wick today (September 26). But, the bearish trend might be brief-lived.

Likelihood Of A Positive Price Momentum

As of today, ETH shows signs of potential positive momentum at both the macro and micro levels. Investors and traders in ETH can take this as a sign of hope.

The Stoch relative strength index has been increasing from oversold area. This indicates that the bulls are gathering momentum, which could propel ETH past the $1,300 price resistance.

ETH achieved this feat on the macro and micro scales, as of writing.

The 1-hour chart shows that Ethereum bulls are trying to consolidate above the resistance to turn it into support. The momentum indicator has been trending upwards.

But, it is unlikely that this will be a significant pump-in expense. The price of the dip fell by 4.04% from September 25 to September 26. Traders may have bought it.

Day traders may be able to take advantage of this price drop as an opportunity for investment.

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