ETHUSD Plummets Despite Successful Merge
ETHUSD (Ethereum) has been trending upwards since mid-June when its long-term decline ceased at the 2022 low of 880. Nevertheless, the cryptocurrency is experiencing a pullback in the last few daily sessions, even if its latest upgrade called ‘Merge’ was completed without any software downtime or complications last Wednesday.
The momentum indicators have reached their oversold levels, endorsing the likelihood of a rebound. Specifically, the stochastic oscillator is flatlining within the 20- oversold area, while the RSI has hugged the 30-oversold mark.
Should selling pressures persist, the price could decline towards its recent low of 1,280, which overlaps with the lower Bollinger band. If that floor collapses, the spotlight may turn to the crucial 1,000 psychological mark. Even lower, any further retreats could come to a halt at the 2022 low of 880.
On the flipside, if negative momentum fades and the price drifts higher, the recent support zone of 1,420 could act as the first line of defence. Conquering this barricade, the bulls might aim for the recent peak of 1,810 before the trend reversal point of 2,030 comes under examination. A break above the latter may open the door for the 2,450 resistance region.
In brief, despite its latest positive developments Ethereum is exhibiting signs of broader weakness in the near-term. For that bearish sentiment to change, the price needs to initially jump above the 1,810 ceiling.
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