Ethereum Price Is Declining Following The Merge, Vital Trading Levels To Follow

The Ethereum price showed no positive effect despite the successful completion of the Merge. Over the last 24 hours, the coin depreciated by 2%, and in the last week, Ethereum noted a 17% decline. At the moment, ETH is trading sideways with very little change in price. A further drop in prices would mean that Ethereum could be captured by the bears. Technical indicators have turned bearish at the time of writing. Sellers are dominating at the time of writing, which points towards increased chances of the bears taking over. The current support line for Ethereum was $1,350, and if buyers push back into the market, Ethereum could move slightly upwards. Ethereum could be facing strong resistance at the $1,500 price level. Bitcoin’s chart also hasn’t looked very positive in the past few days as BTC revisited the $19,800 price zone. Increased buying power could lead to a short-term breakout near the $1,500 price zone for Ethereum. Ethereum Price Analysis: One Day Chart ETH was trading at $1,431 at the time of writing. The coin was moving further close to its immediate support line of $1,350. The immediate resistance mark for Ethereum was at $1,500, which earlier acted as a support zone for the coin. It is now consolidating near the $1,400 price zone. With buyers coming back into the market, Ethereum might be able to zoom past the $1,500 price level. However, it is yet to be seen how long the coin manages to trade above i...