ETH Struggles To Break Past $1,300 Resistance – Back To $1K?
September 27 2022 - 2:33AM
NEWSBTC
ETH, post-merge, has taken traders and investors on a thrilling
adventure. The value of Ethereum has decreased by a stunning 26.36
percent since the much-hyped Merge. The token’s recovery from June
to August was fully erased by this decrease and the market
catastrophe on September 13. Fears of a further decline for the
token are palpable as the price struggles to break through the
61.80 Fib level, currently at $1,329, following the U.S. Federal
Reserve’s interest rate hike announcement. This might indicate
that prices will continue to fall. Related Reading: Algorand: ALGO
Price All Go With Nearly 30% Rally In Last 7 Days ETH On A
Downward Trajectory There was a precipitous drop in ETH’s price
from September 13-19, fairly dissimilar to the drop in May and June
but far lower in magnitude. The result is the same, though; a
dramatic drop in investor trust in both the token and the ecosystem
as a whole. The ETH TVL hasn’t improved much after the switch to
proof-of-stake. It fell from $34.63 billion to $30.38
billion between September 13th and 19th, the same time period
as last year, which is a massive decline of 12.27%. As of this
writing, the price of the coin oscillates above and below the
$1,300 area. This can be understood as a continual conflict between
bulls and bears. Additionally, ETH encountered a rejection wick
earlier today, September 26. However, this bearish trend could be
short-lived. Related Reading: Litecoin Price Watch: Why Only 15% of
LTC Holders Are Making Profit Likelihood Of A Positive Price
Momentum ETH has shown indicators of possible positive momentum on
the micro and macro levels as of today. This can serve as a glimmer
of optimism for ETH traders and investors. The Stoch relative
strength index has been increasing from oversold area. This
indicates that the bulls are gathering momentum, which could propel
ETH past the $1,300 price resistance. ETH has already
accomplished this on both the micro and macro scales as of this
writing. On the 1-hour chart, Ethereum bulls are currently
attempting to consolidate their position above the indicated
resistance in order to convert it into a support. he momentum
indicator is trending upwards. However, this is likely merely a
tiny pump-in cost. As the price fell 4.04% between the end of
September 25 and the beginning of September 26, traders may be
buying the dip. This price decline may give day traders with an
investment opportunity. ETH total market cap at $162 billion on the
daily chart | Source: TradingView.com Featured image from
CryptoMode, Chart: TradingView.com
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