- ETH’s price has been in a decline ever since the Merge took place.
- CoinMarketCap shows that ETH’s price briefly dropped below the $1,300 mark.
- Two bearish flags have been signaled on ETH’s daily chart.
Following the long-awaited Merge last week, the price of Ethereum’s native token, ETH, dropped as the market reacted unexpectedly negative to the event finally happening.
Over the last 24 hours, the price of ETH fell below $1,300 to print a 24-hour loss of 10 percent. In addition, the total liquidation amount over the past 12 hours reached around $300 million.
At the time of writing, the crypto market tracker CoinMarketCap shows that ETH is trading just above $1,300 at $1,305.97. This is after ETH’s price rose slightly by 0.54 percent within the last hour. However, the price of ETH is still down 10.13 percent for the day and 24.44 percent for the week.
ETH/USDT daily chart (Source: CoinMarketCap)
A bearish flag was signaled on the daily chart of ETH a week ago, with the 9 Exponential Moving Average (EMA) lines crossing bearishly below the longer 20 EMA line. Shortly after the cross, ETH’s price attempted to break above the two lines but was unable to do so. This led to a downwards rally that saw ETH’s price drop below $1,300.
The Relative Strength Index (RSI) indicator also signaled a bearish flag around the same time as the RSI line crossed below the RSI SMA line. Since then, the daily RSI line has spear-headed toward oversold territory to take the daily RSI to its current value at 33.87.
Bears are still attempting to push ETH’s price down, with the amount of sell volume overshadowing the amount of buy volume at this point.
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