Ethereum price showed no positive effect despite the successful merger.
In the past 24 hours, the coin depreciated by 2%, and last week Ethereum noted a decline of 17%. At the moment, ETH is trading sideways with very little price change.
A further drop in price would mean that Ethereum could be captured by the bears. Technical indicators have turned bearish at the time of writing.
The sellers are dominating at the time of writing, indicating an increased chance of the bears taking over.
The current support line for Ethereum was $1,350, and if buyers return to the market, Ethereum may rise slightly.
Ethereum might face strong resistance at the $1,500 price level.
Bitcoin’s chart also didn’t look very positive in recent days as BTC revisited the $19,800 price zone. The increase in purchasing power could lead to a short-term breakout near the $1,500 price zone for Ethereum.
Ethereum Price Analysis: One Day Chart
ETH was trading at $1,431 at the time of writing. The coin was approaching its immediate support line of $1,350.
The immediate resistance mark for Ethereum was $1,500, which previously served as a support zone for the coin.
It is now consolidating near the $1,400 price zone. With buyers returning to the market, Ethereum may be able to break above the $1,500 price level.
However, it remains to be seen how long the coin manages to trade above its overhead resistance. The amount of Ethereum traded has declined over the past session, signaling that sellers have supported the price move.
ETH saw a dip in buyers as they seemed to have lost confidence in the asset given that Ethereum barely registered any positive movement after the merger was completed.
The Relative Strength Index was below the half line, indicating that buyers exited the market.
Ethereum broke below the 20-SMA line, and this was also another indication that sellers were boosting price momentum in the market.
Buying strength may help ETH break above the 20-SMA, restoring positive price action.
Other Ethereum indicators also depicted bearish price action, with heavy selling across most indicators.
The Awesome Oscillator measures the price momentum and general direction of the asset. AO depicted red histograms below the half line, indicating the sell signal for the coin.
Bollinger Bands represent price volatility and fluctuations.
The bands narrowed, indicating limited price movement for Ethereum.