Despite completion of Merge, Ethereum prices did not show any positive effects.
The coin has seen a 2% decline in value over the past 24 hours. Ethereum also saw a 17% drop during the previous week. ETH trades sideways at the moment with little price change.
If Ethereum prices drop further, the bears could capture it. At the time this article was written, technical indicators are bearish.
At the moment, the sellers are dominant. This points to increased odds of bears taking control.
Ethereum currently has a support line of $1,350. Buyers could push for more Ethereum to move up if they are willing.
Ethereum might face resistance above the $1,500 price point.
Bitcoin’s chart also hasn’t looked very positive in the past few days as BTC revisited the $19,800 price zone. An increase in buying power may lead to an Ethereum short-term breakout close to the $1,500 price area.
Ethereum Price Analysis: A Day Chart
At the time this article was written, ETH traded at $1.431 The currency was close to $1,350 as its support level.
Ethereum reached $1,500 as its immediate resistance, previously acting as an area of support.
The $1,400 level is where it’s currently consolidating. Ethereum may be able surpass the $1,500 price point with buyers returning to the market.
But, we don’t know how much longer the currency will be able to trade at or above its overhead resistance. In the last session, Ethereum trade volume declined. This indicates that sellers are taking control of price action.
Technical Analysis
ETH experienced a drop in buyer numbers as investors lost faith in the asset. This was due to the fact that Ethereum registered very little positive movement following the Merge.
As a sign that sellers have left the market, the Relative Strength Index fell below half-line.
The Ethereum moved below the 20-SMA line, and that was also another indication of the sellers’ driving the price momentum in the market.
ETH can rise above its 20-SMA with buying strength, reinstating positive price action.
Another indicator of Ethereum has also shown bearish price action with a strong sell-off.
The Awesome Oscillator monitors the asset’s price momentum as well as its overall direction. The AO indicator is indicated by red histograms beneath the half line, which signifies the sell signal.
Bollinger Bands represent price fluctuations and fluctuation.
This was indicative that Ethereum’s price movements were rangebound. The band narrowed.