Ethereum price flashed recovery over the last 24 hours after it witnessed consolidation at the $1,800 price mark. Over the last week, ETH logged 20% appreciation. It has been a bullish week for the king altcoin. The last time the altcoin traded around this price level was almost two months ago.
It had failed to topple over the $1,900 zone and had retraced shortly after that. The robust support line for Ethereum price was at $1,600. Ethereum price could possibly witness a sharp change once the Ethereum Merge goes live next month.
The Merge is the transition from proof-of-work to proof-of-stake has been a highly anticipated event for the Ethereum community. This shift from proof-of-work shall diminish the altcoin’s power consumption by almost 99.5%. If the price of Ethereum manages to stay above the $1,900 mark for a substantial period of time, the coin will manage to touch the $2,000 mark price ceiling.
Ethereum Price Analysis: Four Hour Chart
Ethereum was priced at $1,918 on the four hour chart | Source: ETHUSD on TradingView
ETH was trading at ..
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