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Ethereum Price Analysis: Is The Hype Of Merge Fading Away For Ethereum?

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The upcoming Ethereum Merge has seen assets jump over 50% in the past month. ETH is currently trading near $1778 with a gain of over 5% in the last 24 hours.

ETH volume jumped over 18% in the last 24 hours. Meanwhile, the ETH/BTC pair saw an increase of more than 0.26% in the intraday session.

Ethereum Merge

Ethereum is currently trading near the key $1778 level. The Merge hype pushed it above 50% in the last two months. Several analysts predict that the asset will see strong growth in the future once the transfer is complete. The move to PoW is the move of miners to ETC. A sharp increase in movement can be observed in the following days.

Ethereum is currently ranked #2 and has a market cap of $216,024,655,035. Asset volume has seen a huge jump in the last 24 hours. The ETH/BTC pair will also see strong growth in the future.

Are Ethereum Bulls Gathering for a Strong Rally?

The weekly chart of Ethereum indicates a strong uptrend going forward. According to the daily chart, the asset is poised to reach a peak of $2000 in the future. The asset is currently trading below the 100 and above the 50 DMA. The current correlation between ETH and BTC is currently 0.96. ETH’s main resistance can be seen near $2000 and at the bottom, the asset may see a stop near $1500. RSI: Ethereum’s RSI is nearing 68, indicating its presence near the oversold zone value. The RSI is now forming positive slopes that could push the asset price to new highs. The general opinion about RSI is positive.

Conclusion

Moving from Ethereum to PoS will change transaction flow and gas fees going forward. Several analysts are predicting that the asset will hit new highs in the near future.

Technical level

  • Major resistance: $2000-$2100
  • Main Support: $1400-$1500
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