Ethereum completed its shift from proof-of-work (PoW) to proof-of-stake (PoS) via the highly anticipated “merge” last September 15, 2022.
However, it took more than one month to reach that historical point. Event, Bitcoin’s closest rival still has nothing to show for as its price flat-line as it failed to take off despite the hype that surrounded the secondThe largest cryptocurrency prior to the merger.
- Ethereum struggles with the $1.300 marker.
- ETH has been caught in a pattern, which could extend its bearish momentum
- An immediate $1,400 target is possible to make a bullish move.
According to tracking, at press time Coingecko, Ethereum is trading at $1,297 and while it managed to increase by 3.6% over the last 30 days, it is still nowhere near the level it was expected to be after its blockchain’s transition.
The coming days could prove to be more challenging for the digital asset as there’s a possibility it could experience severe price dump.
Ethereum could be looking at $1,000 as a support
The altcoin’s daily technical chart shows its price established a symmetrical triangle pattern which accelerates prevailing trend movement.
In Ethereum’s case, this is not favorable news considering it has been on a consistent ReceiptOver the past few weeks.
ETH’s current bearish momentum could cause a sharp fall to support levels of $1,200- $1,000.
The asset’s volatility is also high, but this could work either way as it presents an opportunity for an upward break in the trendline that could trigger a price rally up to $1,400.
Ethereum can test the $1550 level if it manages to maintain $1,400 resistance.
Altcoins Still Have The Power To Surge
Although the Merge has been criticized by some segments of the crypto industry, Ethereum is still very much alive and well. It still stands a good chance of gaining momentum to be on par with Bitcoin.
In fact, even if BTC price remains in status quo and consolidates for a while, ETH’s could start its own rally to surge and InvalidateIts trajectory was described in the bearish thesis.
If Ethereum can overcome the critical $1730 resistance, the Ethereum will be able to regain the psychological $2,000 mark.
The digital asset would be several steps closer at its record high of $48,878, which it achieved in November 2013.
Featured image from Forkast, Chart: TradingView.com| Featured image from Forkast, Chart: TradingView.com Disclaimer: The author's analysis should not be taken as investment advice.