Technical Analysis for ETHUSD for 16th September 2022
Ethereum Slips Despite Successful Merge, ETH Bears Target $1.4k
Past Performance of ETH
Ethereum slumped even after a successful merge, trackers currently show. Presently, the coin is down a disappointing seven percent against a resilient greenback, confirming losses of early this week. Based on the daily chart's formation, ETH appears weak and would likely post more losses in the days ahead. As such, unless there are sharp gains above $1.8k, sellers may look to unload, selling the news with targets at $1.4k.
Ethereum Technical Analysis
Ethereum is trickling lower despite solid fundamentals. At press time, ETH is below the middle BB as buyers struggle to soak in the strong selling waves set in motion on September 13. Per the formation in the daily chart, traders may look to unload with sights at $1.4k. On the other hand, Conservative traders may wait until there is a clear sell signal below the August 29 lows. In that case, there could be more entries to liquidate in a bear trend continuation with targets at $1.1k, the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range. This preview will only change once there is an encouraging rally above $1.8k at the back of high trading volumes reversing losses of the second week of September.
What to Expect from ETH
Fundamentally could likely prop ETH prices in the short to medium term. However, sellers are in charge at present, and ETH may slide in a bear trend continuation pattern back to critical Fibonacci retracement levels, especially if $1.4k fails.
Resistance level to watch: $1.8k
Support level to watch: $1.4k
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