Ethereum has been met with strong resistance at its current levels and might potentially re-test support. The cryptocurrency still preserves some of its profit from the past weeks but has been losing momentum over today’s trading session. Related Reading: TA- Price Of Ethereum Faces Rejection At $2,000: Are bulls Still In Control? At the time of writing, Ethereum trades at $1,860 with a 2% loss and 5% profit over the last 24 hours and 7 days, respectively. ETH’s price was pushing the sector’s bullish momentum on the back of the narrative around the upcoming “Merge” event, as it will complete Ethereum migration to a Proof-of-Stake consensus. However, the second crypto by market cap has been lagging meme coins, such as Dogecoin and Shiba Inu. These cryptocurrencies record a 20% and 30% rally, respectively, and seem poised for further gains before returning to previous support levels. Ethereum has seen losses at technical resistance levels, and other assets contribute to the downside price action in the crypto industry. According to analyst Justin Bennett, the S&P 500 is approaching the top of a major channel that might operate as critical resistance. Ethereum and digital assets have been moving in tandem with equities. Therefore, the price action of major indexes in the legacy financial system has been exercising an influence on cryptocurrencies’ price action. As seen below, the S&P 500 recorded some gains after bouncing...
