ETH Struggles To Break Past $1,300 Resistance – Back To $1K?

Christian Encila

2 years ago

2 mins read

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ETH, post-merge, has taken traders and investors on a thrilling adventure. The value of Ethereum has decreased by a stunning 26.36 percent since the much-hyped Merge.

The token’s recovery from June to August was fully erased by this decrease and the market catastrophe on September 13.

Fears of a further decline for the token are palpable as the price struggles to break through the 61.80 Fib level, currently at $1,329, following the U.S. Federal Reserve’s interest rate hike announcement. This might indicate that prices will continue to fall.

ETH On A Downward Trajectory

There was a precipitous drop in ETH’s price from September 13-19, fairly dissimilar to the drop in May and June but far lower in magnitude.

The result is the same, though; a dramatic drop in investor trust in both the token and the ecosystem as a whole.

The ETH TVL hasn’t improved much after the switch to proof-of-stake. It fell from $34.63 billion to $30.38 billion between September 13th and 19th, the same time period as last year, which is a massive decline of 12.27%.

As of this writing, the price of the coin oscillates above and below the $1,300 area. This can be understood as a continual conflict between bulls and bears.

Additionally, ETH encountered a rejection wick earlier today, September 26. However, this bearish trend could be short-lived.

Likelihood Of A Positive Price Momentum

ETH has shown indicators of possible positive momentum on the micro and macro levels as of today. This can serve as a glimmer of optimism for ETH traders and investors.

The Stoch relative strength index has been increasing from oversold area. This indicates that the bulls are gathering momentum, which could propel ETH past the $1,300 price resistance.

ETH has already accomplished this on both the micro and macro scales as of this writing.

On the 1-hour chart, Ethereum bulls are currently attempting to consolidate their position above the indicated resistance in order to convert it into a support. he momentum indicator is trending upwards.

However, this is likely merely a tiny pump-in cost. As the price fell 4.04% between the end of September 25 and the beginning of September 26, traders may be buying the dip.

This price decline may give day traders with an investment opportunity.

ETH total market cap at $162 billion on the daily chart | Source: TradingView.com

Featured image from CryptoMode, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.