Ethereum dropped under the $1,350 line against the US Dollar. It is, however, expected to begin a steady increase again. This would take effect when it rises above $1,350 again.
Indecisive Price Movement
The market’s number two token could not sustain movement above the $1,385 resistance area. It started declining after it topped close to the level. The $1,400 line was a no-go area at that point.
Ethereum still made a move under the $1,360, as well as the $1,350 support areas. The price still settled for a while under $1,350 and 100-hour SMA. A new low was created close to $1.305 while the price ascends slowly.
ETH/USD price chart. Source TradingView
There was a visible move above the $1,310 and $1,320 lines. Ethereum’s price successfully made a break above the bearish trend line. The resistance was formed close to $1,320 on the price chart.
The asset’s price made its way above the 23.6% Fibonacci retracement area of the decline. It, hence, moved from a high level of $1,385 to a low of $1,305.
But the price confronted sellers close to the $1,330 area. They also saw it at the 100-hour simple moving average. The price is, however, facing obstructions close to $1,325 and near $1,330.
Now, the first main resistance will be met close to the $1,350 area. The decline’s 50% Fibonacci retracement area is also close to $1,350. A decisive break above $1,350 might help prices go higher.
After the Transition
The other main point of resistance might be around the $1,385 area. The price might also be able to gain a bullish pace above that area.
But there is a scenario where Ethereum fails to rise above the resistance at $1,350. In that case, the price might continue to fall. The first support line downward is in the area of $1,315 line.
After that, the next line of support is close to $1,305. Any decline under $1,305 could push the price lower to $1,250. Any further losses could send it farther down to $1,220.
Ethereum has had a relatively bad time since the Merge was completed. It failed to live up to the immediate expectations of the Merge. Although the Ethereum situation might not be far off from the situation of the wide market.
The Ethereum Merge is the transition of Ethereum from the proof-of-work to the proof-of-stake protocol. The transition promised better scalability and power efficiency among other things.
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