ETH/USDT 1 day Analysis
ETH continues last week’s trend of moving within the descent channel. After dipping to the lowest price of 1,220 on Wednesday, it was quickly supported and pushed above the support level.
While some Merge observers see long-term environmental benefits and price increases, others are concerned about centralization and regulatory scrutiny. ETH price has underperformed its peers this week. The market is expecting to multi-test the current support point, If the price drop below the level, it will eventually have to create a new low below $1,000. Alternatively, if the level successfully holds the test then ETH will get the chance to first cross the EMA 20 and then rally out of the channel.
While some Merge observers see long-term environmental benefits and price increases, others are concerned about centralization and regulatory scrutiny. ETH price has underperformed its peers this week. The market is expecting to multi-test the current support point, If the price drop below the level, it will eventually have to create a new low below $1,000. Alternatively, if the level successfully holds the test then ETH will get the chance to first cross the EMA 20 and then rally out of the channel.
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