Ethereum’s volatility has been quite extreme and Ether’s price increased steadily starting in the second month of the year. ETH rapidly increased beyond $1,800 prior to the Merge. The excitement surrounding Ethereum’s switch from PoW to PoS may have helped the rise to some extent. However, the switch appears to coincide with a downward trend for Ethereum. Only a few hours after the Merge, ETH began to travel south.
As the price continued to fall, the value gradually decreased due to the increased selling pressure. Ether fell below $1,300 over the last weekend as it lost some of its sustaining levels.
ETH Price to Hit the $1000 mark?
The technical chart for Ethereum gives a signal about a more gloomy pattern. This suggests that its present price, which is in the $1,350 range, could have another 25% price adjustment. Therefore, ETH might decline to $1,000.
There is evidence of an increase in the inflation rate according to the most recent report for the US CPI statistics for August. The reaction from the crypto assets, however, has not been good. But even before the outcome of the FOMC meeting, there is significant selling pressure across the board in the cryptocurrency market.
The study of the price charts for Ethereum shows a sharp decline below the token’s standard deviation. On the higher end, ETH’s price was unable to pass the $1,800 barrier. The downward trend also shows that Ether crossed over its crucial support level of $1,340. The general technical meaning is that a decline is potentially imminent when support levels are violated.
This is mostly due to the fact that Ethereum’s divergence from the June lows is below the regression channel. The third $1,250 deviation retreat is now a possibility for the token. With that, ETH might reach the $1,000 level, the following potential support level.