The price of Ethereum (ETH) showed so much strength but has been hit with resistance against Tether (USDT) as the Ethereum merge is announced. Ethereum price rallied with so much strength from a region of $1,670 to $1,924, as bulls anticipate the Ethereum merge from proof-of-work (POW) to proof-of-stake (POS). Related Reading: Will Ethereum Breach $2,000 Before The Merge? Ethereum merge is an upgrade on the Ethereum network from POW to POS so as to increase its network efficiency in transactions. (Data feeds from Binance) Ethereum Price Analysis On The Weekly Chart From the chart, the price of ETH saw a weekly low of around $900, which bounced from that area and rallied to a price of $1,920, this is an over 100% rise in price. The price has built more momentum as it faces resistance at $1,920. If the price of ETH on the weekly chart continues with this bullish structure, it could quickly revisit $1,900 and trend higher to $2,400. Weekly resistance for the price of ETH – $1,920. Weekly support for the price of ETH – $1,012. Price Analysis Of ETH On The Daily (1D) Chart The price of ETH found strong support at around $1,580, with what seems to be an area of interest on the daily chart. ETH bounced from its support and rallied as it faces resistance to break above a ranging channel and has continued to move in range. With bulls placing more buy bids this channel was broken pushing ETH price to $1,920. At the point of ...
