Over the past week, ETH price has decreased by more than 20% and at the moment the ETH/USDT pair is trading near the $1,400 mark.
Last week, a long-awaited and historically important event for the entire crypto market took place - ETH Merge update. The essence of the update is the transition of the network from the Proof of Work algorithm to Proof of Stake.
The successful completion of the Merge cemented ETH's status as the second largest cryptocurrency in the world. And many experts even believe that the dominance of Bitcoin will end within five years. However, ETH merge hasn't shown any support to ETH's price.
As for the technical forecast for the coming week, it looks like the price will continue to decline.
On the weekly price chart, we see that the price bounced off the vertical resistance level, forming a double top pattern, which in turn is a harbinger of a bearish trend. If the price really continues to fall, then this will be the third wave of sales since November 2021.
Now let's move on to the daily price chart. Here the chart is also not on the side of the Bulls. At the moment, the price is directly at the vertical support level. And although there are no prerequisites for a reversal, there is still a small chance that the price may bounce off the level and move in the opposite direction. However, it is more likely that in the coming days the level will not withstand the onslaught of the Bulls and their next target will be the horizontal level in the $1,000 zone. Whether the bears will get there quickly or the "game" will drag on only time will tell. But judging by the past week, the Bears' mood is more than serious.