The trading price of Ether (ETH) has been recording a downward movement in recent days. In the past several days, ETH’s value has continued moving in the descending channel.
ETH’s Price Continues Declining
The trading price of ETH has been moving in a channel that has been declining, forming a bearish pattern.
The price graph for ETH shows that in the short-term, the trading price of ETH found itself hovering within particular ranges.
These ranges are $1,250 and $1,410, which indicates that both sides are strongly defending their positions. For the bulls, the strong support zone is $1,410 and for the bears, the strong resistance zone is $1,410.
The data shows that as the price of ETH reaches the support level, the bulls form a rally, pushing ETH to a high of $1,410.
As the price of ETH reaches a high of $1,410, the bears show their strong resistance pulling its price lower. Although the trend is expected to last for a short-term, still, it has managed to demonstrate the buying and selling prowess from both sides.
ETH Price Action is Volatile and Random
The price action for ETH has proven to be highly volatile and random, which suggests that it is too difficult to predict the future price of ETH.
Ethereum has proven to be highly volatile in recent days making it extremely random, and unpredictable. Therefore, it is difficult to predict where the trading price of ETH would be in near future.
Still, the technical indicators are pointing towards a negative trend for ETH. This would mean that the trading price of ETH may continue falling deeper, making it too difficult for the bulls to push its price higher.
Optimistic Prediction for ETH
Given the current circumstances and the “not so promising” performance of The Merge, the trading price of ETH may fall into negative territory.
However, if ETH manages to move in the upward direction, then the bulls would have to increase their buying power. They will need to exert great pressure against the bears in order to break their defenses.
If the bulls are able to break through the strong barriers placed by the bears, then ETH’s price may rise over the $1,410 level.
Highly Bearish Movement of ETH
Although the ETH community had expected that The Merge would prove quite promising in terms of boosting the second-largest asset’s value, it did not.
Things have not worked out well for ETH following the implementation of the Merge, which means its value may continue moving in the lower direction.
As the ball is in the bears’ court, they may use the opportunity to pull ETH’s price and bring it below $1,250. From there, the bears may increase their selling pressure and pull ETH to a low of $1,000.