The post Ethereum Breaks the Crucial $1400 Levels, This is Where the ETH Price Rally May Head Next! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The crypto space in recent times has been pretty vague as the next price action is very hard to determine. While the Ethereum Merger was expected to induce a decent bullish momentum but the prices were slashed hard. The price at the moment appears to be primed to retest the lower support as a huge bearish pressure has been mounted.
Nevertheless, the ETH price is still primed to rebound but may be restricted in forming a lower high.
Ethereum price has been constantly trading along the descending trend line and has been heavily rejected after every contact. Presently, it was speculated that the price may regain the bullish momentum as the price was consolidating just above $1400, but the latest crash spilt the beans. Therefore, the next target for the ETH price is presumed to be around $1250.
In the coming days, the ETH price may undergo a quick rebound as predicted by the analyst but may be restricted to $1400 levels. From these levels, the asset may be compelled to break down following the revival of bears. Therefore, the price action may be reversed as the prices could head towards the lower support close to $1250.
However, the aftermath of the Ethereum Merge has been criticized to a large extent as a large share of staked ETH has been monopolized by 2 to 3 addresses. In such a scenario, the upcoming triple halving is expected to turn the tables for the Ethereum price.