Ethereum Merger is fast approaching and hence ETH prices were believed to get a wider boost to regain the levels above $2000. Woefully, the recent price plunge has flipped the scenario, as now an extended bearish action is being speculated. Surprisingly, the Ethereum price is expected to intensify its volatility but towards the south maintaining below the descending trend line.
Similar to Bitcoin, the price of Ethereum is on the verge of a fall back to its opening levels as the trend is quite bearish. The upswing that has raised some hope was only for a short period of time and was therefore actually programmed to trap bulls.
In the coming days, ETH price is expected to test the lower support close to $1000 again and an intensified selling pressure may drag the price much lower.
As seen in the above chart, ETH price is following a multi-year trend line and has consistently failed to break above these levels. The recent rejection before testing the resistance proves that lower lows are pre-determined and the asset may soon move towards these levels.
The market structure formed currently, points out towards the next potential low at around $550 for the ETH price, but may not form in 2022.
Currently, the Ethereum price is down close to 12%, falling below the monthly low of $20,900. With the start of new day trading, the asset is now very soon making new monthly lows as well as yearly lows. However, according to a popular analystThe asset is expected to remain bearish until the first half of 2023, where the price may reach the crucial lower support at 540.
