Will Merge Sentiment Push Ethereum To $2,000?

Ethereum prices have risen from $980 down to $1,743, amidst excitement over the merger that is coming up within the next week. There are high hopes that Ethereum’s price will rise to $2,000-$2,400 after the monthly close.

Ethereum Weekly Chart

After several weeks of downtrend, Ethereum’s price soared from low $1,012 up to high $1,743.

There was a bit of relief bounce from Ethereum haven traded below the 50 & 200 Exponential moving average (EMA).

Ethereum Weekly Price Analysis | Source: ETHUSDT On Tradingview.com

Ethereum trades at $1.580 as of writing after it was rejected at $1.722. Ethereum failed to break its weekly resistance before closing below. This suggests that the bulls should push to get out of the area for Ethereum to rise.

Following strong bullish signs, Ethereum volume suggests that there are more Ethereum sales than Ethereum buys.

The week-end relative strength Index (RSI), has moved from 43 to oversold, indicating that there is decent bull buying pressure.

According to Ethereum’s weekly chart, it remains in the range $1,012- $1,722. Breaking the resistance at $1.722 could send Ethereum to $2,000 with high volume.

Major Weekly resistance – $1,722.

Major Weekly support – $1,012

Ethereum Price Analysis on The Daily Chart

Source : ETHUSDT At Tradingview.com| Source: ETHUSDT On Tradingview.com

Daily chart of Ethereum price shows that the resistance at $1,722 was rejected despite attempts to break it and close above. 

Ethereum trading is above the 50 EMA and below the 200 EMA. The 50 EMA acts as a support at $1,400, but a break and close below that region could easily send Ethereum price to a region of $1,200 – $1,012.

Volume on the daily charts indicates that there is more selling pressure, which can be detrimental to the merger sentiment.

Major support level on the daily chart (1D) – $1,400, $1,012.

Major resistance on the daily chart (1D) – $1,722

Ethereum’s daily price chart shows that there is more selling activity within a channel or range that can be broken down to either the upside or the downside. After a significant surge of around 70 to the region, the RSI is currently at above 50.

Ethereum price on the 4H chart


Ethereum Price Analysis on the 4H Chart | Source: ETHUSDT On Tradingview.com

On the 4H chart, the Ethereum price was able to break above the 50 & 200 EMA after trading below them for weeks. Despite a bullish trend, the price rejected and traded above the 50 EMA. However it was below the 200 EMA.

This chart from the 4H shows a bearish divergence, which suggests that there might be a pullback towards support areas.

Major resistance – $1,722

Major support – $1,462, $1,358, $1,250

Technical Indicators

50 & 200 Exponential Moving Average (EMA)

Volume Indicator

Relative Strength Index 14 – RSI

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