ETH’s price potential resistance and support levels. Source: Justin Bennett via Twitter<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"The Ethereum price is following Bitcoin as the two largest cryptocurrencies by market capitalization trend to the upside. The market is currently facing low timeframe resisting, but the general sentiment seems to have flipped bullish across the board. Related Reading: WATCH: Bitcoin Bottoms As Easy As Pi? | BTCUSD September 9, 2022 At the time of writing, Ethereum price trades at $1,700 with a 5% and 7% profit in the last 24 hours and 7 days, respectively. In the meantime, Bitcoin is outperforming with a 10% profit over the past trading session. The Ethereum Rally That Could Precede A Clash? As NewsBTC reported earlier, Bitcoin and the crypto market were coming in a major cluster of sell orders. Ask liquidity was trending upwards following the trajectory of the Ethereum price and other major cryptocurrencies. The current price action seems to be a clash between bullish and bearish forces with the former taking control for the first time in weeks. For low timeframes, data from Material Indicators (MI) shows a total of over $60 million in buy orders from the different investors class. However, the Ethereum price must remain above $1,6800 to maintain its current bullish momentum. In the coming week, the second crypto by market cap will go through a major event with \u201cThe Merge\u201d. Below these levels, bid liquidity runs thin and could lead to retrace to previous support. The event that will complete Ethereum\u2019s transition from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus, \u201cThe Merge\u201d is a highly anticipated event in the crypto market. Probably one of the main catalyzers for the current price action. Many believe the Ethereum price will operate under a \u201cbuy the rumor, sell the news event\u201d. This could potentially push the price of the cryptocurrency north of $1,800 and potentially $2,000 if bulls can sustain momentum. What Will Happen To The Ethereum Price After \u201cThe Merge\u201d? According to analyst Justin Bennett, the price of Ethereum could rally above $1,800 if bulls can clear resistance between $1,740 and $1,780. This price action might take place after \u201cThe Merge\u201d and depending on the strength of the move, a retest of the lows at around $1,500. Related Reading: Bitcoin Stablecoin Supply Ratio Now Forms A \u201cBuy\u201d Signal Bennett said the following on the current ETH\u2019s price action: (\u2026) I have no position here. I’m not going to enter before the weekend, and I’d prefer to look for shorts on the next higher high next week. This is probably a brief pullback if anything.<\/p>\n","protected":false},"author":535,"featured_media":500253,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,78803],"class_list":["post-501821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethusdt"],"acf":[],"yoast_head":"\n
Why The Ethereum Price Could Rally Above $1,800 Before A Big Crash<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n