In comparison to the US Dollar, the price of Ethereum fell below the $1,350 mark. On the other hand, we anticipate that it will start climbing steadily again. If it goes back up to $1,350 or higher, this change will become active.

Price Movement That Is Uncertain

The second-most valuable token on the market was unable to maintain its rise above the $1,385 resistance level. After reaching its highest point so close to the level, it began its descent. At that moment, the $1,400 mark was off limits for further negotiation.

Even yet, Ethereum managed to make a move that took it below the $1,360 as well as the $1,350 support levels. Even after settling, the price remained lower than $1,350 and the 100-hour Simple Moving Average. Near the price of $1.305, a new low was found, and the price is currently slowly climbing higher.

Chart of the price of ETH in USD. TradingView is the source.

Above the $1,310 and $1,320 lines, there was a discernible movement upwards. The price of Ethereum was able to make a successful break above the negative trend line. On the price chart, the resistance was formed in the vicinity of $1,320.

The price of the asset managed to climb higher than the Fibonacci retracement zone located at 23.6% of the loss. As a result, it went from its highest point of $1,385 to its lowest point of $1,305.

However, the price faced resistance from sellers in the region of $1,330. In addition to that, they noticed it using the 100-hour simple moving average. However, there are barriers close to $1,325 and at $1,330 that the price is likely to encounter.

Now, the price is expected to encounter the first significant barrier of resistance close to the $1,350 range. The region that represents the 50% Fibonacci retracement of the drop is also relatively close to $1,350. A definitive break above $1,350 could be supportive of further price gains.

After the Period of Adjustment

It's possible that the region around $1,385 will act as the second major point of resistance. Above that area, the price may also be able to acquire momentum in a bullish direction.

However, there is a possibility that Ethereum won't be able to break through the barrier positioned at $1,350. In that scenario, there is a chance that the price will continue to drop. In the vicinity of the $1,315 line is where the first support line on the descent can be found.

Following that, the subsequent level of support is somewhere about $1,305. If the price falls below $1,305, it may continue to fall until it reaches $1,250. It is possible that it might reach $1,220 if there are any further losses.

Since the Merge was successfully finished, things have not exactly gone well for Ethereum. The Merge was left disappointed because it did not live up to their instant expectations. despite the fact that the situation with Ethereum could not be that dissimilar to the situation with the overall market.

The Ethereum Merge is the name given to the process by which Ethereum will shift from the proof-of-work protocol to the proof-of-stake protocol. The shift was supposed to result in, among other things, improved scalability and power efficiency.