Ethereum Must Hold $1,500 Or Risk A Decline To $1,300

Ethereum is on an obvious bull path given its performance in the last couple of weeks. The digital asset took a turn for the better more than a month after the Merge was completed and accumulation among investors was already in full swing. ETH’s price eventually surpassed $1,600 before encountering rejection and dropping down below. Ethereum Needs To Hold $1,500 Now that the digital asset has been beaten down back below $1,600, support has moved lower. $1,500 is currently serving as the support level for Ethereum at this point. This now makes it the level to hold for bulls and the level to beat for the bears. Related Reading: Institutional Investors Remain Bullish As Short Bitcoin Sees Outflows If the digital asset is unable to hold this level and bears are able to drag its price down below, then ETH will likely see $1,300 on its way down. Below, $1,500, support is weak given the recent sell-offs that have followed the recovery in price. Thus, it lies just above $1,300 before the losses reach a block. As for the current resistance, it still lies above $1,600 for any significant pushback. This is because Ethereum’s price remains firmly above its 100-day moving average, with a firm middle point between this and the 200-day MA sitting at $1,800. Thus, bears continue to fight to hold any level that could prevent such a recovery. ETH continues to hold above $1,500 | Source: ETHUSD on TradingView.com In addition to this, the se...