On September 15, the most long-awaited crypto event of the year, the Ethereum Merge, went through at block 15537393 without a hitch. Generally, an upgrade serves as a bullish cue for the price of the underlying token, but it was not in the case of Ether (ETH), the native token of Ethereum. 

Thursday witnessed a more than 11% decline in the price of ETH, hitting an intraday low of $1,464 from the day’s high of $1,655. However, the prime altcoin’s prices increased by roughly 9.3% in the two weeks leading up to the merge event, rising from a low of $1,514 on September 1 to a high of $1,655 on September 15.

However, between the high ($1,951) on August 16 and the intraday low ($1,464) on Wednesday, ether prices have fallen by almost 26% over the past 30 days. Ether’s cold response in the wake of the Merge news was not surprising as ETH prices had failed to close above $2,000 since May of 2022. 

Any uptrend in the crypto markets was met with heavy resistance from macro headwinds brought on by the Feed’s aggressive policy, the war in Russia and Ukraine, and the global economic slump. In an interview with Coinchapter.com, Trey Zeluff, Director of Strategy and Innovation at Level Field Financial, anticipated that the Merge would not cause any significant market movements. Trey concluded that before Ethereum can begin an uptrend, the entire crypto bear cycle would need to be complete.

Ether prices dropped Below $1,500 after the merge launch

The ETH value plunged dramatically after the merge, falling below $1,500 for the first time in nearly one week. As the prices of the top altcoins fell by more than 6% in just one hour, sellers took complete control over the price of ETH.

If ETH prices keep dropping, the support level near $1,420, which has held up ETH price movement since July 18 of this year, would certainly be tested by the token. A breach below the immediate support level could cause Ether prices to fall by 12% to support near $1,300. However, for the token to move over a resistance confluence of the 50-day exponential moving average (purple wave) and 20-day exponential moving average (20-day EMA, red wave) near $1,600, the ETH bulls would have to move in the other direction.

ETH prices rising above the resistance confluence might give it the push it needs to target resistance near $1,710 before retreating. With a value of 40.54 on the daily charts, the relative strength index for the Ether token is still in a neutral state. However, the RSI trendline is moving to the lower level in oversold areas. At the time of writing, ETHUSD was down by 9.66% on the day and trading at $1,479.

This story has been published by CoinChapter.com that covers Bitcoin, Ethereum news and other cryptocurrency news. The information contained in this article is for only informational purposes. It does not present any investment advice nor does it serve as a substitute for individual investment.”

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