Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Ethereum News & Updates => Topic started by: Fawpac2 on September 05, 2022, 08:58:36 AM
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Despite pushing the price higher earlier in the week, the bulls have lost momentum as the days went on. As the date of the Merge approaches and the Ethereum market grows hotter, speculation about the future of the price has reached its peak.The Daily Chart
The formation of lower highs and lower lows suggests a bearish structure. The recent bullish leg stalled when it reached the resistance of the 20-day moving average line (in yellow). However, the 100-day moving average (in white) accompanies the asset as support.
If the buyers are to initiate another increase ahead of the Merge, they should push the price above $1,720. Positive sentiment will dominate the market in the short term if this occurs.
Alternatively, the support zone is between the horizontal line at $1420 (in green) and the MA100, which lies at $1500. A break and close below this zone would kill any hopes of starting a bullish rally.
In conclusion, the bearish presence remains strong until the price goes above $1720. Also, having the cryptocurrency drop below the mentioned support could trigger future cascades.
Key Support Levels: $1420 & $1300
Key Resistance Levels: $1720 & $2000
Daily Moving Averages:
MA20: $1616
MA50: $1650
MA100: $1500
MA200: $2124
source (https://cryptonews.net/11834613/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)