Ethereum price was trading laterally between the $1,700 and $1,600 price mark. At the moment Ethereum was standing firm on the $1400 support line. Over the last 24 hours, Ethereum price depreciated over 4%.
Bearishness started to prevail on ETH’s chart and technical outlook pointed towards the same direction. For the bulls to resurface Ethereum price needs to climb above the $1,745 price ceiling.
Incase ETH manages to break past the $1,745 price mark and remains above that level, chance of revisiting $2,000 aren’t bleak.
Buyers exited the market as the coin met with a sell-off on its four-hour chart. Ethereum price might trade near the $1,300 price mark in case sellers take over the market.
Over the past week, Ethereum noted positive price action however, the bulls were unable to hold onto the momentum. Ethereum price is also likely to be affected considerably by the Ethereum merge that is due in the month of September.
In this software upgrade, the token will move from a Proof-of-stake (PoS) consensus to Proof-of-work (PoW) ..
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