- ETH’s price shows the first sign of bounce after forming a bullish pattern as the price gets rejected into a descending range channel.
- ETH recovered from its downward trend as it gained more momentum within a descending triangle.
- As the price moves in a range, ETH’s price continues to fluctuate. It is rejected by the market and traded below the Exponential moving averages of 50 and 200.
The price of Ethereum (ETH) after its “Ethereum Merge” hasn’t been encouraging as the price has dropped far below the expectations of many. After rising to a $2,030 high before the merger, Ethereum’s price has declined with no rebound to the upside. The market is continuing to be uncertain about where it will go in the following weeks. Although there has been speculation that it would be a better month (many calling it Uptober due to past price and data movements), the outcome is not yet clear. (Data from Binance).
Ethereum (ETH) price analysis on the Weekly Chart
Ethereum’s price has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of ETH has yet to enjoy the measure of relief it had in previous weeks before its merge. ETH rallied from a low at $900 to a peak of $2,030 before being rejected from the region.
After ETH reached a record high of $2,000.30, there was resistance to the price rising to $2,500-$3,000. The crypto market is extremely difficult and it has made it hard for the price to survive.
ETH’s price was rejected to a region of $1,600, where it had formed strong Support before rallying to a high of $2,030. After rejection, the price of ETH could no longer hold that support zone which would have been a great area for prices to rise as it fell below $1,400. The $1,400 support was lost further and the price struggled to remain above $1,000. This is a major demand area.
Weekly resistance for the price of ETH – $1,450.
Weekly Support for the price of ETH – $1,200.
The Daily Price Analysis of ETH (1D) Chart
The daily price of ETH trades below the 50 EMA key resistance. This triangle formed a descending triangle that represents a price attempt to reach a higher price.
For ETH to continue trending higher towards $1,550 or possibly $1,600 (which is a crucial supply zone for ETH price these past weeks), the price must hold and break below $1,400.
Daily resistance for the ETH price – $1,400.
Daily Support for the ETH price – $1,270.
Uopeople Charts, Featured Image from Tradingview