ETH Struggles To Break Past $1,300 Resistance – Back To $1K?
ETH, post-merge, has taken traders and investors on a thrilling adventure. The value of Ethereum has decreased by a stunning 26.36 percent since the much-hyped Merge.
The token’s recovery from June to August was fully erased by this decrease and the market catastrophe on September 13.
Fears of a further decline for the token are palpable as the price struggles to break through the 61.80 Fib level, currently at $1,329, following the U.S. Federal Reserve’s interest rate hike announcement. This might indicate that prices will continue to fall.
ETH On A Downward Trajectory
There was a precipitous drop in ETH’s price from September 13-19, fairly dissimilar to the drop in May and June but far lower in magnitude.
The result is the same, though; a dramatic drop in investor trust in both the token and the ecosystem as a whole.
The ETH TVL hasn’t improved much after the switch to proof-of-stake. It fell from $34.63 billion to $30.38 billion between September 13th and 19th, the same time period as last year, which is a massive decline of 12.27%.
As of this writing, the price of the coin oscillates above and below the $1,300 area. This can be understood as a continual conflict between bulls and bears.
Additionally, ETH encountered a rejection wick earlier today, September 26. However, this bearish trend could be short-lived.
Likelihood Of A Positive Price Momentum
ETH has shown indicators of possible positive momentum on the micro and macro levels as of today. This can serve as a glimmer of optimism for ETH traders and investors.
The Stoch relative strength index has been increasing from oversold area. This indicates that the bulls are gathering momentum, which could propel ETH past the $1,300 price resistance.
ETH has already accomplished this on both the micro and macro scales as of this writing.
On the 1-hour chart, Ethereum bulls are currently attempting to consolidate their position above the indicated resistance in order to convert it into a support. he momentum indicator is trending upwards.
However, this is likely merely a tiny pump-in cost. As the price fell 4.04% between the end of September 25 and the beginning of September 26, traders may be buying the dip.
This price decline may give day traders with an investment opportunity.
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