Ethereum rallied from the hype generated by the Merge announcement. Although this is recent news, ETH already hit the $2,000 mark after the bearish July market.\u00a0<\/p>\n
After over a month of price increases, ETH\u2019s price closed in on the $2,000 mark. One of its highest since the entire crypto market crashed. However, the most recent rally has placed confidence in investors and traders alike.\u00a0<\/p>\n\n
The Highly-Anticipated Merge<\/p>\n
The rally was because of the recent ETH Merge announcements that has been the talk of crypto traders around the world. This move, according to Ethereum co-founder Vitalik Buterin, will bring efficiency to the network and reduce overall carbon footprint.\u00a0<\/p>\n
These types of announcements however boost the confidence of traders and investors pushing the price up.\u00a0<\/p>\n
As of this writing, ETH is oscillating at ranges $1,718.41 and $1,791.76. The token is also trying to entrench itself on the 78.60 percent in the Fib retracement.\u00a0<\/p>\n\n
Ethereum Bulls Try To Breach Resistance<\/p>\n
The recent support is set at $1,740.63 with the resistance at the $1,802.12. The bulls have consistently tried to target $1,802.76 resistance to continue the rally. <\/p>\n
But as the graph shows, the rally has stagnated and the bull now tries to consolidate the position.\u00a0<\/p>\n
Two things might happen while ETH\u2019s price stabilizes; (1) the resistance will be pierced on a later day and will rally again, or (2) the price breaks the $1,740 support and drops.\u00a0<\/p>\n
If the price pierces the 61.80% Fib level, then the bulls will gain momentum and may reach $2,000 in a few days\u2019 time. But the indicators say otherwise.\u00a0<\/p>\n\n
The CCI and Stochastic RSI numbers indicate a slow down in trend price. As of writing, the CCI is at 16.69 and Stoch RSI at 16.17 indicating a small sell-off movement.\u00a0<\/p>\n
If the bulls manage to gain momentum once again, then the price might jump and pierce to the next resistance level at the 61.80% Fib level. If the price goes down however, we can expect the support to be at the $1,662.31 range.\u00a0<\/p>\n
This is a crucial point in ETH\u2019s history pre-merge. If the bulls fail to at least consolidate the price at the $1,740 support line then there will be a large chance for a downward price reversal. This would inherently have an effect on ETH\u2019s price post-merge.\u00a0<\/p>\n\n
Crypto total market cap at $1.02 trillion on the daily chart | Source: TradingView.com<\/a><\/p>\n Featured image from Crypto News, Chart from TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum rallied from the hype generated by the Merge announcement. Although this is recent news, ETH already hit the $2,000 mark after the bearish July market.\u00a0<\/p>\n After over a month of price increases, ETH\u2019s price closed in on the $2,000 mark. One of its highest since the entire crypto market crashed. However, the most recent rally has placed confidence in investors and traders alike.\u00a0<\/p>\n The Highly-Anticipated Merge<\/p>\n The rally was because of the recent ETH Merge announcements that has been the talk of crypto traders around the world. This move, according to Ethereum co-founder Vitalik Buterin, will bring efficiency to the network and reduce overall carbon footprint.\u00a0<\/p>\n These types of announcements however boost the confidence of traders and investors pushing the price up.\u00a0<\/p>\n As of this writing, ETH is oscillating at ranges $1,718.41 and $1,791.76. The token is also trying to entrench itself on the 78.60 percent in the Fib retracement.\u00a0<\/p>\n Ethereum Bulls Try To Breach Resistance<\/p>\n The recent support is set at $1,740.63 with the resistance at the $1,802.12. The bulls have consistently tried to target $1,802.76 resistance to continue the rally. <\/p>\n But as the graph shows, the rally has stagnated and the bull now tries to consolidate the position.\u00a0<\/p>\n Two things might happen while ETH\u2019s price stabilizes; (1) the resistance will be pierced on a later day and will rally again, or (2) the price breaks the $1,740 support and drops.\u00a0<\/p>\n If the price pierces the 61.80% Fib level, then the bulls will gain momentum and may reach $2,000 in a few days\u2019 time. But the indicators say otherwise.\u00a0<\/p>\n The CCI and Stochastic RSI numbers indicate a slow down in trend price. As of writing, the CCI is at 16.69 and Stoch RSI at 16.17 indicating a small sell-off movement.\u00a0<\/p>\n If the bulls manage to gain momentum once again, then the price might jump and pierce to the next resistance level at the 61.80% Fib level. If the price goes down however, we can expect the support to be at the $1,662.31 range.\u00a0<\/p>\n This is a crucial point in ETH\u2019s history pre-merge. If the bulls fail to at least consolidate the price at the $1,740 support line then there will be a large chance for a downward price reversal. This would inherently have an effect on ETH\u2019s price post-merge.\u00a0<\/p>\n Crypto total market cap at $1.02 trillion on the daily chart | Source: TradingView.com<\/a><\/p>\n