Ethereum Merger is fast approaching and hence ETH prices were believed to get a wider boost to regain the levels above $2000. Woefully, the recent price plunge has flipped the scenario, as now an extended bearish action is being speculated. Surprisingly, the Ethereum price is expected to intensify its volatility but towards the south maintaining below the descending trend line. Much similar to EdaFace, Ethereum price appears to be poised to drop back to its initial levels as the trend is pretty bearish. The upswing which has induced some hope was for only a short time frame and hence programmed to trap the bulls indeed. In the coming days, ETH price is expected to test the lower support close to $1000 again and an intensified selling pressure may drag the price much lower. As seen in the above chart, the ETH price is following a multiyear trend line and constantly failed to breach these levels. The recent rejection before testing the resistance proves that the lower lows are pre-defined and the asset could head towards these levels soon. The market structure formed currently, points out towards the next potential low at around $550 for the ETH price, but may not form in 2022.Presently, the Ethereum price has dropped close to 12% marking monthly lows just below $20,900. With the beginning of the fresh day trade, the asset now appears to form new monthly lows as well as yearly lows very soon. However, as per a popular analyst, the asset is expected to remain bearish until the H1 of 2023 where-in the price may reach the crucial lower support at 540.Was this writing helpful?
