Following The Merge, Ethereum Crashes – The time is obviously not at risk, despite the fact that cryptocurrencies are acting like hazardous investments. Players are mindful of both macroeconomics and geopolitics, and the situation is still ambiguous. The price of Ethereum is not doing well even after a successful technical update. Before finding customers, Ethereum saw a 25% loss in just a few weeks. Second-capitalization cryptocurrency prices have seen a challenging year, and this trend may continue. Can Ethereum remain competitive with Bitcoin? Can it recoup its loss in value to the dollar?
ETHEREUM BACK TO $1,250
Since the neck line of the “W” created on a weekly basis coincides to this critical support level, we discussed the likelihood of a return to $1,250 in this article. It’s finished now:
By dropping below $1,900 in May of last year, Ethereum violated a key threshold. Since that time, the price has been falling, and it has found buyers near the $900 support level. At the resistance level of $1,900 as well as the institutional bias level (EMA 9/EMA 18), the price was rejected. Currently, institutional bias is resisting, and if prices return between $1,450 and $1,650, this may still be the case. If purchasers are unable to overcome this dynamic barrier, the price of Ethereum may rise above $900.
On a weekly level, the momentum is still bearish, and the RSI is continuing to go below the bearish trendline. To restore purchasing power, it must be gotten rid of.
As long as Ethereum is going below the negative trendline, rejecting every touch with the institutional bias, and sliding below the crucial $1,900 zone, it is impossible to remain positive on it. Ethereum is in a negative trend, however the price may vary between $900 to $1,900.
ETHEREUM LOSES STRENGTH AGAINST BITCOIN
Since July, Ethereum had managed to regain strength against Bitcoin, and to outperform it. But after The Merge, Ethereum is losing ground and the fall may not be over, the price has constantly been fluctuating. A bit before The Merge, the purchasers had a chance to leave the range, but the sellers appeared and kept it. The neighborhood peak had a “V top” structure. It is a delicate construction that could need to undergo another examination. The price may then move once again toward the range’s low point if the institutional bias is resistance.
Altcoins would suffer greatly if this weekly range broke to the downside. This might be seen as players moving away from altcoins and capital going toward bitcoin.