The trading price of Ether (ETH) is currently hovering in a particular range. The range is the 20-day EMA and the H&S pattern.
The trading price of $1,605 is the 20-day EMA for Ether and the H&S value is at a lower level. This means that the trading price of ETH is moving within a particular range.
The 20-day EMA May Be Crossed
For now, ETH is stuck in the particular range and $1,605 seems to be acting as a higher level barrier for the digital asset.
However, the analysts expect that the situation may not remain stuck in the particular range. The bulls may finally be able to end the bearish trend and push ETH’s trading price higher backed by strong buying sentiments.
Although the bears are currently holding their ground against the bulls, the strong anticipation of the Merge’s implementation is to trigger strong excitement among the investors.
This would eventually help push ETH into a completely different territory where the trading price of ETH may continue pushing higher.
ETH’s Price to Rising to $2,030
The implementation of ETH’s merge is to take place soon and for now, it is expected that the implementation date is the 15th of September.
As the implementation date is nearing fulfillment, the confidence of the bulls is rising. They have started spending heavily on ETH.
This has injected confidence among the investors and they may continue pushing ETH’s trading price higher with strong buying.
For now, the barrier for the bulls is to push ETH over the 20-day EMA. If they succeed in doing that, their next target would be to hit and cross the resistance level at $1,700. This would be an important barrier for the bulls to cross.
If they are able to do it, then the trading price of ETH may continue to rise higher. With more investors looking at the price of ETH growing higher, more confidence will be injected into the investors.
This would eventually help push the trading price of ETH all the way up to $2,030.
ETH’s Demise to $1,050
For now, the investors have very high hopes for the Merge implementation. However, if things do not work out in favor of ETH even with the implementation of the Merge, then ETH’s price may dip.
The loss of confidence among the investors may start pulling ETH’s price lower. In the upcoming days, the trading price of ETH may lose its strength due to a lack of confidence and it may fall below $1,422.
As the trading price of ETH falls below $1,422 and the bulls fail to carry out a rebound, ETH’s trading price may further dip to $1,280 and then to $1,050.