ETH struggled to break the previous $1,300 resistance.

ETH, post-merger, has taken traders and investors on an exciting adventure. After the much talked about merger, the price of Ethereum dropped by a staggering 26.36%.

The token’s recovery from June to August was completely erased by this decline and the September 13 market crash.

Following the US Federal Reserve interest rate hike announcement, the 61.80 Fib level, currently struggling to break through the $1,329 price, is visible for further downside fears. This may indicate that prices will continue to fall.

ETH is on downward direction

Between September 13th-19th, there was a significant rain drop in the ETH price, similar to the drop in May and June, but much smaller in magnitude.

But the result is the same; Incredibly, investor confidence in the token and the ecosystem as a whole.

ETH TVL hasn’t improved much since the switch to proof of stake. Between September 13 and 19, it dropped from $34.63 billion to $30.38 billion, the same period last year, a sharp decline of 12.27 percent.

As of this writing, the coin’s price fluctuates above and below around $1,300. It can be understood that this is a constant conflict between bulls and bears.

Additionally, ETH experienced a decline earlier today, September 26. However, this bearish trend may be short-lived.

The possibility of positive price momentum

ETH has shown indicators of possible positive movement on micro and macro levels from today. This can serve as an optimistic prospect for ETH traders and investors.

The stock’s relative strength index is rising from oversold territory. This indicates that the bulls are gathering momentum, which could raise ETH’s price resistance above $1,300.

ETH has performed at both micro and macro scales as of this writing.

On the 1-hour chart, Ethereum bulls are currently trying to consolidate their position above the mentioned resistance to turn into support. Speed ​​indicator is showing up.

However, this is probably just the price of putting in a small pump. Traders can buy the dip when the price fell 4.04% between the end of September 25 and the beginning of September 26.

This decline in prices may present an investment opportunity to day traders.

ETH total market cap at $162 billion on the daily chart | Source:

Featured image from CryptoMode, Chart:

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