With the crypto market trying to get over the state of extreme fear, there is very little on the horizon along with the Ethereum Merge that could possibly bring about a rally.
If that turned out to be the case, the market would start trending down, or sideways until the date of Merge the 19th of September. As it stands, there is absolutely no rest for the weary during the bear market, with the Crypto Fear and Greed index highlighting the investor sentiment which has been stuck in a perennial position of extreme fear for close to 70 days.
According to data that was selected from TradingView and Cointelegraph Markets Pro, it has been understood that the price of Ether would remain sandwiched in the trading zone that it has been trading in since the 13th of June- and will be currently running into the upper resistance that has situated itself near the price of $1,240.
Ethereum Could Move Forward With The Merge
With the Merge still some time away, most investors have had a lot to say after maintaining a careful eye on Ethereum. Peter Brandt, a futures trader, brought up a short message that could point towards hope at this extremely significant level of resistance. This point by the trader was extrapolated with more context by crypto trader Albert III, who then went on to post a char that highlighted the fact that the cryptocurrency was trading above quite a few key moving averages.
One of the most in-depth perspectives for the forward movement of Ethereum was put up in the recent ETH 30d returns outlook, which was released by Jarvis Labs, a cryptocurrency research firm. They went on to use the 30-day returns metric that would measure the short-term profit and loss of the consolidated market at any given point in time.