Ethereum Price is Stable Now but A New Technical Analysis Predicts an Impending Drop

Ethereum may be facing some bearish struggles

The Ethereum price hasn’t fared well since the week before the Ethereum 2.0 launch. However, over the last seven days, the token seems to have found relative stability around the $1,350 to $1,380 level. Unfortunately, this stability may be temporary as new technical indicators show that the Ethereum price may be approaching a multiple-month low.

Ethereum ETH Price Forecast

At the time of writing, the Ethereum price was $1,352.24. The token was trading up by 1.66% against the USD. However, the 24-hour trading range was between $1,325.50 and $1,364.97. At its current state, the Ethereum price has lost a significant chunk of the gains it accumulated thanks to pre-merge positive fundamentals.

Right after the Ethereum merge, some Ethereum miners started dumping Ethereum aggressively, and this led to a drop in the price of the token. This reversal of gains and fall in price can only be fixed if major funds of similar value are injected into the Ethereum network soon. Otherwise, Ethereum may continue to trend in a low volatility pattern for the next few trading sessions.

Can the Ethereum Price Recover?

Yes, the Ethereum price can recover with the right cash inflow or bullish momentum from Bitcoin and the entire market. However, there is also a chance that lower lows are ahead for Ethereum. If the bulls are unable to gain momentum and the Ethereum miners decide to dump some more Ethereum tokens into circulation, the selling pressure may take Ethereum below $800 again.

Meanwhile, Bitcoin and other cryptocurrencies have also maintained relative stability in the market. At the time of writing, the BTC coin was trading at $20,178.86. The most prominent cryptocurrency in the world was up by 2.85% against the USD. It is outperforming Ethereum and is trading in the $19,609.00 to $20,380.34 range. Also, Bitcoin is up 7.48% over seven days while Ethereum is only up 5.35% within the same timeframe.

Ronald Henderson

Ronald has worked in the computer industry for 5 years when he decided to stand on his own and start his own firm, and he's never looked back. A real hard-worker and go-getter, he is a powerful leader and has made quite a name for himself in the industry. Born and raised in Pennsylvania, he still resides there with his wife and two kids, Mark and Gene. He believes that simplicity is the key to everything in life, including writing, and loves to make his content engaging and easy to understand for all audiences - even those who aren’t necessarily from a technical background.