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Ethereum Price Drops Below $1,300 After The Merge

Ethereum's price has declined significantly following The Merge, with ETH falling below $1,300 and showing bearish signals on its daily chart.
Published on 2022-09-19

Ethereum Price Plummets Post-Merge

Ethereum's price has experienced a notable decline since The Merge, with ETH briefly dipping below the $1,300 mark. According to CoinMarketCap, ETH's price fell by 10% over the past 24 hours, reaching a low of $1,305.97 at the time of writing. This downward trend has resulted in a 24.44% weekly loss for the cryptocurrency.

Bearish Indicators on ETH's Daily Chart

The daily chart for ETH/USDT reveals two bearish flags. The 9 Exponential Moving Average (EMA) has crossed below the 20 EMA, signaling a potential downtrend. Additionally, the Relative Strength Index (RSI) has dropped below the RSI Simple Moving Average (SMA), further indicating bearish momentum. The RSI currently stands at 33.87, nearing oversold territory.

Market Sentiment and Trading Volumes

Bears continue to dominate the market, with sell volumes exceeding buy volumes. This imbalance has contributed to the ongoing price decline. The total liquidation amount over the past 12 hours has reached approximately $300 million, reflecting the intense selling pressure.

Disclaimer

The information provided is for educational purposes only and should not be considered as investment advice. Readers are advised to conduct their own research and due diligence before making any investment decisions. Any actions taken based on this information are at the reader's own risk.

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