Ethereum completed its shift from proof-of-work (PoW) to proof-of-stake (PoS) via the highly anticipated \u201cmerge\u201d last September 15, 2022.<\/p>\n
But after more than a month from that historic event<\/a>, Bitcoin\u2019s closest rival still has nothing to show for as its price flat-lined as it failed to take off despite the hype that surrounded the second largest cryptocurrency before the merge.<\/p>\n Ethereum struggles to breach and sustain the $1,300 marker At press time, according to tracking from Coingecko<\/a>, Ethereum is trading at $1,297 and while it managed to increase by 3.6% over the last 30 days, it is still nowhere near the level it was expected to be after its blockchain\u2019s transition.<\/p>\n The coming days could prove to be more challenging for the digital asset as there\u2019s a possibility it could experience severe price dump.<\/p>\n Ethereum Could Be Looking At $1,000 As Support<\/p>\n The altcoin\u2019s daily technical chart shows its price established a symmetrical triangle pattern which accelerates prevailing trend movement.<\/p>\n In Ethereum\u2019s case, this is not favorable news considering it has been on a consistent decline over the last few weeks.<\/p>\n Source: TradingView<\/p>\n With its current bearish momentum, ETH could end up being in a steep fall all the way to support range of between $1,200 and $1,000.<\/p>\n The asset\u2019s volatility is also high, but this could work either way as it presents an opportunity for an upward break in the trendline that could trigger a price rally up to $1,400.<\/p>\n If Ethereum manages to keep $1,400 as a resistance marker and continue with a bullish movement, it could prime itself to test the $1,550 levels.<\/p>\n The King Of Altcoins Can Still Surge<\/p>\n While some sectors in the crypto space has called the Merge as a dud, Ethereum still has a lot of fight left in it as there is still chance for it to surge and be back in conversations of being at par with Bitcoin.<\/p>\n In fact, even if BTC price remains in status quo and consolidates for a while, ETH\u2019s could start its own rally to surge and invalidate<\/a> the previous bearish thesis about its trajectory.<\/p>\n If the conditions are met and Ethereum manages to flip the crucial $1,730 resistance marker, it will revisit the psychological $2,000 level.<\/p>\n If that happens, the digital asset will be several steps closer to its all-time high of $4,878 which was attained in November of last year.<\/p>\n\n ETH total market cap at $159.2 billion on the weekend chart | Featured image from Forkast, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum completed its shift from proof-of-work (PoW) to proof-of-stake (PoS) via the highly anticipated \u201cmerge\u201d last September 15, 2022.<\/p>\n But after more than a month from that historic event<\/a>, Bitcoin\u2019s closest rival still has nothing to show for as its price flat-lined as it failed to take off despite the hype that surrounded the second largest cryptocurrency before the merge.<\/p>\n Ethereum struggles to breach and sustain the $1,300 marker At press time, according to tracking from Coingecko<\/a>, Ethereum is trading at $1,297 and while it managed to increase by 3.6% over the last 30 days, it is still nowhere near the level it was expected to be after its blockchain\u2019s transition.<\/p>\n The coming days could prove to be more challenging for the digital asset as there\u2019s a possibility it could experience severe price dump.<\/p>\n Ethereum Could Be Looking At $1,000 As Support<\/p>\n The altcoin\u2019s daily technical chart shows its price established a symmetrical triangle pattern which accelerates prevailing trend movement.<\/p>\n In Ethereum\u2019s case, this is not favorable news considering it has been on a consistent decline over the last few weeks.<\/p>\n Source: TradingView<\/p>\n With its current bearish momentum, ETH could end up being in a steep fall all the way to support range of between $1,200 and $1,000.<\/p>\n The asset\u2019s volatility is also high, but this could work either way as it presents an opportunity for an upward break in the trendline that could trigger a price rally up to $1,400.<\/p>\n If Ethereum manages to keep $1,400 as a resistance marker and continue with a bullish movement, it could prime itself to test the $1,550 levels.<\/p>\n The King Of Altcoins Can Still Surge<\/p>\n While some sectors in the crypto space has called the Merge as a dud, Ethereum still has a lot of fight left in it as there is still chance for it to surge and be back in conversations of being at par with Bitcoin.<\/p>\n In fact, even if BTC price remains in status quo and consolidates for a while, ETH\u2019s could start its own rally to surge and invalidate<\/a> the previous bearish thesis about its trajectory.<\/p>\n If the conditions are met and Ethereum manages to flip the crucial $1,730 resistance marker, it will revisit the psychological $2,000 level.<\/p>\n If that happens, the digital asset will be several steps closer to its all-time high of $4,878 which was attained in November of last year.<\/p>\n
\nETH is caught in a pattern that will extend its bearish momentum
\nA bullish run is still possible with $1,400 as the immediate target<\/p>\n
\nETH is caught in a pattern that will extend its bearish momentum
\nA bullish run is still possible with $1,400 as the immediate target<\/p>\n