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Ethereum Faces Test Of Survival After Merge, Can $1,400 Support Hold?
After showing so much strength as the price rallied from $1,024 to a region of $2,000 against tether (USDT) ahead of the anticipated merge, many call for a bull run and a $4,000 Ethereum price at the end of the “Ethereum Merge.” The price of Ethereum has not shown that run it showed in recent months as the price has struggled to break above $1,800. (Data from Binance)
Ethereum (ETH) Token Price Analysis On The Weekly Chart
ETH saw a decline in its price from $4,500 to around $1,024, with an over 70% drop from its all-time high despite having good fundamentals. The price of ETH bounced off after touching a weekly low of $1,024, and the price rallied to $2,000, showing some great strength ahead of the scheduled merge, but the price was quickly rejected as this area acts as resistance for the price of ETH.
The price of ETH on the weekly chart formed an uptrend line as the price continued to respect this support line bouncing off to maintain its bullish run, but the price of ETH broke this trendline after a while, creating mixed feelings in the heart of many holders of ETH.
ETH’s price is trading above the key support of $1,400; the price of ETH needs to hold above this support to avoid the price going lower to its weekly low. With the price of ETH holding this support, we could have the chance of trading higher to a region of $1,630. A break below $1,400 would mean retesting the key weekly support at lower regions of $1,200 and $1,000.
For ETH’s price to restore its bullish move price need to break and hold above $1,700 with good volume. A break and close above $1,700 give ETH price the boost it needs to rally to a region of $1,900 and possibly $2,000.
Weekly resistance for the price of ETH – $1,630-$1,700.
Weekly support for the price of ETH – $1,400-$1,200.
Price Analysis Of ETH On The Daily (1D) Chart
Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com
The daily timeframe for ETH prices continues to weaken as prices break to the downside of an asymmetric triangle signaling a downtrend to the next support area is ideal for bulls to build more buy orders as prices continue to range in this zone.
A break and close below $1,400 for the price of ETH on the daily timeframe would send the price of ETH to a region of $1,300-$1,200, where it seems to be a good zone for more buy orders and demand.
ETH price needs to hold above $1,400; breaking below this zone will flip the price into a resistance making it harder to trend to higher heights.
On the daily timeframe, the price of ETH is currently trading at $1,450 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for ETH price. The price of $1,620 and $2,000 corresponds to the resistance at 50 and 200 EMA for the price of ETH. The price of ETH needs to reclaim 50 EMA for a chance to trend to $2,000; for the price of ETH to have a better chance to reclaim 50 EMA price needs to hold $1,400 support.
The Relative Strength Index (RSI) for ETH is above 40 on the daily chart, indicating more sell order volume.
Daily resistance for the ETH price – $1,620, $2,000.
Daily support for the ETH price – $1,400.
Featured Image From zipmex, Charts From Tradingview and Messari
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