Traders entered their short positions before the Ethereum Merge, believing that the Ethereum price will fall to $1,400 due to market manipulation and noises from market makers. Market intelligence platform Santiment reported that many sellers faced liquidation as soon as the Merge concluded due to a sudden price spike.
In the days leading up to the Merge, Ethereum’s price fluctuated from $1,760 to $1,553. Over the last day, the price has swung from $1,572.60 to $1,648.95.
The Merge is a network upgrade that will change Ethereum’s consensus mechanism from proof of work to proof of stake.
ETH/USDT 30-minute chart (Source: TradingView)
The 30-minute chart of ETH/USDT shows that ETH is inside a flag. Notably, ETH was trading at around $1,580 before the merge. After the merge, ETH rose to $1,654 within 30 minutes, plummeting from $1,654. If Ethereum can break the current flag and rise higher, it can reach around above the $1,700 area. In contrast, if it reaches the bottom of the flag and dips lower, it can reach the support zone of $1,500.
Ethereum bears are still keeping their pace under the 200 MA, according to the 1-hour chart. The sudden price rise after the Merge can be due to the market’s volatility. The RSI value is 44.81. If the RSI is below 50, sellers outnumber buyers in the Ethereum market.
At the time of writing, CoinMarketCap reports there are 122,374,731 ETH in circulation at the current price of $1,591.79. Furthermore, throughout the previous 24 hours, $25,395,950,662.66 worth of Ethereum was traded.
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Source: Cryptocurrency - investing.com
