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Ethereum (ETH) Dips Consecutively And Falls Below $1,800

Many reactions and sentiments have been hovering around the Ethereum upcoming upgrade tagged the Merge. Different presentations of opinions crowd the crypto space on an individual and institutional basis. One of the significant displays was the mass accumulation of Ethereum tokens. Many believed that the price of Ether would rise due to the Merge. The Ethereum network had witnessed higher activity as participants purchased more ETH in the past few weeks. Hence, the month of July was rising one for the cryptocurrency. As a result, the price of Ethereum rallied considerably even as the broader crypto market was doing a progressive climb. As a result, Ethereum has become one of the top gainers as of the beginning of July. Related Reading: Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade But the sudden uptrend seems to be short-lived. Just as the crypto market is experiencing the exit of the bulls, Ether is not left behind. The past few days have been a struggle for the Ethereum token. The ETH’s price trend data indicate a down-move for the past four days. Currently, the market cap for the world’s second-largest cryptocurrency sits at $225 billion. ETH is trading at around $1,700, with a major loss in the past 24 hours. Recall that the token increased its value by about 100% at the beginning of July. But from the beginning of this week, Ethereum has been shading off value with its price drop. The news of the upcoming Merge has been the powering source for the token to climb. According to a digital data scientist at Cowen Digital, David Kroger, there has more willingness from institutional investors. He mentioned that many requested to know the probabilities and technicalities that come with the Merge. Also, Kroger stated that some individuals have been profiting from the events around the Merge. Hence, the price drop could be linked to that. Ethereum Miners To Succeed With Detracting Role With the consecutive drop in the price of ETH, one could wonder if the euphoria surrounding the Merge had ended. The Merge is still receiving significant support from the Ethereum community. But ETH miners are playing a detracting role against the Merge. They plan on hard forking the Ethereum blockchain after the Merge with their continuous mining operations. Reacting to the situation, Vitalik Buterin, the ETH co-founder, frowned against such a move. He stated that the Ethereum team wouldn’t support the Ethereum PoW version again once the transition to PoS is completed. Related Reading: Bitcoin And Ethereum Retrace Before Crypto Sentiment Could Reach “Greed” The broader market is noting all the events surrounding the transition with care. According to Arthur Hayes, the CEO of BitMEX, traders will temporarily hold ETH once the Merge fails. Such failure would create a negative reflexive link between the level of ETH’s deflation and its price. Also, he mentioned that the success of the Merge would potentially spike the price of ETH. Featured image from Pixabay and chart from tradingView.com

TA- Price Of Ethereum Struggles To Hold $1,700, Are Bears Taking Over?

The price of Ethereum (ETH) has struggled against Tether (USDT) in the past few days, with more downtrend than the bullish sentiment seen in recent weeks.  Despite outperforming Bitcoin (BTC) in recent weeks, the price of Ethereum has found itself in key zones that would decide its major move. Related Reading: Ethereum Price Slides As Staked Token Reaches New ATH Ahead Of Hyped Merge Ethereum (ETH) Price Analysis On The Weekly Chart From the chart, the price of ETH saw a weekly low of $1,020, which bounced from that area and rallied to a price of $2,000 after showing great recovery signs in recent weeks.  ETH weekly candle closed with a bullish sentiment, with the new week’s candle looking bearish for the price of ETH as it continued to decline in price to a region of $1,800 after facing rejection from the $2,020 mark.  The price has struggled to build more momentum as it tries to hold key support. If the price of ETH on the weekly chart continues with this structure, it could quickly revisit  $1,700, acting as a support for the price of ETH. Weekly resistance for the price of ETH – $2,020. Weekly support for the price of ETH – $1,700. Price Of Ethereum On The Daily (1D) Chart The price of ETH found strong support at $1,770 above a trendline after successfully forming a bullish structure, the support at $1,770 seems to be an area of interest on the daily chart. ETH bounced from its support and rallied to $1,770, where it was faced with resistance and was rejected from that region. The price of ETH rose to form a rising wedge before rejection from the resistance of $2,020. ETH price was rejected from that region, breaking out of the rising wedge to the downside.    At the time of writing, the price of ETH is at $1,700, just above the 50 Exponential Moving Average (EMA) which corresponds to $1,660. ETH needs to hold above this support area that corresponds with the 50 EMA, a break below this region could send the price of ETH to $1,400. The Relative Strength Index (RSI) for the price of ETH on the daily chart is below 50, indicating more sell bids. Daily (1D) resistance for ETH price – $2,020. Daily (1D) support for ETH price – $1,700, $1,660 . Price Analysis Of ETH On The Four-Hourly (4H) Chart The price of ETH failed to sustain its bullish structure above the 50 EMA price corresponding to $1,850 after breaking below it. On the 4H timeframe, the 200 EMA is acting as key support for the price of ETH. If ETH fails to hold the support region at 200 EMA, which corresponds to $1,700, we could see the price retesting the region of $1,600 as the next support area to hold the ETH price. Four-Hourly (4H) resistance for ETH price – $2,020. Four-Hourly (4H) support for ETH price – $1,700, $1,600. Related Reading: Bitcoin Tumbles As Fed Opts For Restrictive Rates Featured Image From Ethereum World, Charts from TradingView.com