Ethereum Bearish Pressure Can Drag ETH Back Down To $1,000 – Here’s Why

Ethereum completed its shift from proof-of-work (PoW) to proof-of-stake (PoS) via the highly anticipated “merge” last September 15, 2022. But after more than a month from that historic event, Bitcoin’s closest rival still has nothing to show for as its price flat-lined as it failed to take off despite the hype that surrounded the second largest cryptocurrency before the merge. Ethereum struggles to breach and sustain the $1,300 marker ETH is caught in a pattern that will extend its bearish momentum A bullish run is still possible with $1,400 as the immediate target At press time, according to tracking from Coingecko, Ethereum is trading at $1,297 and while it managed to increase by 3.6% over the last 30 days, it is still nowhere near the level it was expected to be after its blockchain’s transition. The coming days could prove to be more challenging for the digital asset as there’s a possibility it could experience severe price dump. Related Reading: Flow Rolls Out Blockchain Tools As Social Dominance, Coin Price Seen Rising Ethereum Could Be Looking At $1,000 As Support The altcoin’s daily technical chart shows its price established a symmetrical triangle pattern which accelerates prevailing trend movement. In Ethereum’s case, this is not favorable news considering it has been on a consistent decline over the last few weeks. Source: TradingView With its current bearish momentum, ETH could end up being in a steep fall all the ...