Ethereum (ETH) Struggles Ahead Of the Merge, Can Price Retest $1,900?
September 05 2022 - 10:35AM
NEWSBTC
The price of Ethereum (ETH) looks strong and shows more strength
against tether (USDT), holding up compared to Bitcoin (BTC). The
price of ETH is anticipated to move with more bullish sentiment
circulating as we edge closer to “The Merge.” (Data from Binance)
Related Reading: ATOM Expands Over 25% In Last Week, Keeps Bullish
Run Since Mid-June Ethereum (ETH) Price Analysis On The Weekly
Chart The price of ETH closed the week with so much mixed
sentiment ahead of the upcoming “Ethereum Merge,” with so many
bullish signs lately. ETH’s price was rejected from $2,000 after
rallying from a low of $1,030 as the price continued to outperform
BTC. The price of ETH saw a weekly low of $1,400 before bouncing
this area as it is seen as an area of demand for many buyers and
investors. ETH price could be poised to make another rally as it
edges closer to its intended merge, and this could positively
impact the price of other altcoins as they would enjoy a measure of
a relief rally in the coming days. Weekly resistance for the price
of ETH – $1,900. Weekly support for the price of ETH – $1,400.
Price Analysis Of ETH On The Daily (1D) Chart After successfully
breaking out of the daily bullish flag, the ETH price is set for a
rally as the price looks more promising compared to recent weeks.
With more buy order volume, the price could rally to a high of
$1,900, where it will face resistance. For ETH’s price to trend
higher, it needs to flip the resistance at $1,980, preventing the
price from going higher. If ETH maintains this bullish structure,
we could see more bullish bias from its price, but if ETH fails to
maintain its bullish structure, we could see the price retesting
support areas that have held its price from going lower. The price
of ETH is trading at $1,582 below its 50 and 200 Exponential Moving
Averages (EMA) on the daily timeframe. The prices at $1,620 and
$2,030, which correspond to the 50 and 200 EMA, act as resistance
to ETH price. Daily (1D) resistance for the ETH price – $1,620,
$2,030. Daily (1D) support for the ETH price – $1,400. ETH Price
Analysis On The One Four-Hourly (4H) Chart The price of ETH in the
4H timeframe continues to look bullish, trading slightly above the
50 EMA, acting as support. ETH price must break and hold above the
50 and 200 EMA to have a good chance of trending higher; with good
buy orders, the price could break out and rally to a high of
$1,800-$1,900 area that corresponds to the Fibonacci retracement
value of 61.8%. The price of ETH has seen good volume in
recent times and will rally higher as more buy order increases. On
the 4H chart, the Relative Strength Index (RSI) for ETH is above
65, indicating buy order volume for the ETH price. Four-Hourly (1H)
resistance for the ETH price – $1,620. Four-Hourly (1H) support for
the ETH price – $1,500. Related Reading: TA: Bitcoin Price Stuck In
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