Huge Bear Signal for Ethereum! Here are the Critical Levels for ETH Price

The post Huge Bear Signal for Ethereum! Here are the Critical Levels for ETH Price appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

After the launch of Phase 0 ETH 2.0 Beacon Chain in December 2020, the community is eagerly waiting for the merger. The event was deferred multiple times before. However, the mainnet merge, despite having fewer possibilities of major flaws and outrage, could still face some turbulence. 

The testnet merge results included 14% of validators having downtime during the transaction, while the majority of them had an issue with the nimbus-team configs, which is supposed to be fixed. On the other hand, 5% of them encountered minor bugs that had caused a minor downtime. 

No doubt the bug was fixed with a simple reboot of the node, but issues on the mainnet are expected to be encountered by 9% of the validators facing issues and config problems. While the majority within the community do not witness any major impact on the ETH price, the market sentiments after the merge could change. 

Ethereum (ETH) Price Analysis

The Ethereum price, ever since the recent market crash in May 2022, has been dropping hard within a beamish descending triangle. Presently, the lower support around $1700 has been held strongly as the price undertakes a significant flip each time it reaches there. However, the current price action points out a possible descending trend that may compel the price to pierce through these levels and test new lows. 

The ETH price, if it fails to flip from the descending triangle before reaching the apex, may eventually drop towards the lower support close to $1500. Worst case scenario- the price may drop even below these levels, where-in a significant rebound may be ignited. Regardless of the flip, the strength of the rally could be heavily reduced, impacting the recovery of the Ethereum price amid the Beacon Chain merger.