Ethereum (ETH) Price Tries To Breach $1,800 Resistance, Guns For $2,000
12 Septembre 2022 - 01:10PM
NEWSBTC
Ethereum rallied from the hype generated by the Merge announcement.
Although this is recent news, ETH already hit the $2,000 mark after
the bearish July market. After over a month of price
increases, ETH’s price closed in on the $2,000 mark. One of its
highest since the entire crypto market crashed. However, the most
recent rally has placed confidence in investors and traders
alike. Related Reading: XRP Bulls Charge Hard To Pull Prices
Up Past $0.34 After A Dismal August The Highly-Anticipated Merge
The rally was because of the recent ETH Merge announcements that
has been the talk of crypto traders around the world. This move,
according to Ethereum co-founder Vitalik Buterin, will bring
efficiency to the network and reduce overall carbon
footprint. These types of announcements however boost the
confidence of traders and investors pushing the price up. As
of this writing, ETH is oscillating at ranges $1,718.41 and
$1,791.76. The token is also trying to entrench itself on the 78.60
percent in the Fib retracement. Related Reading: How Litecoin
(LTC) Is Able To Muster A 5-Day Straight Rally Ethereum Bulls Try
To Breach Resistance The recent support is set at $1,740.63 with
the resistance at the $1,802.12. The bulls have consistently tried
to target $1,802.76 resistance to continue the rally. But as the
graph shows, the rally has stagnated and the bull now tries to
consolidate the position. Two things might happen while ETH’s
price stabilizes; (1) the resistance will be pierced on a later day
and will rally again, or (2) the price breaks the $1,740 support
and drops. If the price pierces the 61.80% Fib level, then
the bulls will gain momentum and may reach $2,000 in a few days’
time. But the indicators say otherwise. The CCI and
Stochastic RSI numbers indicate a slow down in trend price. As of
writing, the CCI is at 16.69 and Stoch RSI at 16.17 indicating a
small sell-off movement. If the bulls manage to gain momentum
once again, then the price might jump and pierce to the next
resistance level at the 61.80% Fib level. If the price goes down
however, we can expect the support to be at the $1,662.31
range. This is a crucial point in ETH’s history pre-merge. If
the bulls fail to at least consolidate the price at the $1,740
support line then there will be a large chance for a downward price
reversal. This would inherently have an effect on ETH’s price
post-merge. Crypto total market cap at $1.02 trillion on the
daily chart | Source: TradingView.com Featured image from Crypto
News, Chart from TradingView.com
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