The bears appear to have not spared the second-largest crypto despite the successful implementation of the Ethereum Merger. The price had surged high to reach $1800 ahead of the merger, while a steep drop dragged the price down heavily. Ever since then, the ETH price is experiencing an acute selling pressure that compelled the price to slice down the crucial support levels over the past weekend.
While the price is believed to recover slightly, the technicals do not appear o be in favor of the bulls. The chart pattern suggests that the asset is due for yet another leg down and may test the levels close to $1000 or even lower very soon. Additionally, the broader crypto market may come under extreme selling pressure shortly as the FOMC meeting is around the corner.
Ethereum price with the recent price action has dropped below the crucial trend line, it followed since it rebounded from the yearly lows. Luckily, the price managed to rebound from the levels just above the lower support, while the bears continue to mount significant selling pressure. Therefore, the possibility of a lower price action emerges as the technicals continue to flash bearish signals.
While RSI has not rebounded from the lower support, MACD displays the revival of the bearish pressure. Moreover, the strength of the ETH price rally also appears to be weak, and hence no specific upward swing may be expected until the end of September.
By not being impacted by any external factor, ETH price shows it of being independent but the market sentiments continue to impact. In the coming days, the second-largest crypto, Ethereum is expected to maintain a slow yet steady upswing that may prevent excessive price drain. But for now, a descending trend appears to be imminent.
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