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According to Ethereum price analysis, ETH is in a consolidation phase due to a merger upgrade. ETH has dropped to a low of $1,581 at the time of writing.The recent<a href="https://www.coingabbar.com/en/crypto-currency/ethereum-eth-prices-usd" rel="noopener noreferrer nofollow"> Ethereum price</a> rally saw the currency hit highs of $1740 before meeting a strong rejection, resulting in a sharp drop in pricing. The sell-off has forced ETH to retrace all the way down to $1,590, where it is now trading.Over the last 24 hours, Ethereum’s price has been dominated by selling pressure, which has pushed prices down by 1.28%. The cryptocurrency currently has a trading volume of $195,066,623,839 and a market capitalization of $20,693,663,135. The long-awaited Merge, which begins on Thursday when the network transitions from Proof of Work (POW) to Proof of Stake (POS) consensus, looks to be the key driver for the latest sell-off.According to Ethereum price analysis, ETH is in a bearish trend in the short term but is in a strong uptrend in the long term. Prices may fall to $1,550 support in the short term as a result of the recent rejection from $1700. However, the $1,550 support level is expected to provide some strong buying pressure, causing prices to rise in the near term.The price of ETH is trading below the 200-day and 50-day exponential moving averages, indicating that the path of least resistance is to the downside. However, the Relative Strength Index remains in oversold territory, indicating that the sell-off may have been overdone and that a corrective comeback may occur in the short future.The market volatility is growing significantly as a result of today’s price fluctuations and selling action. The Bollinger bands are diverging, indicating that the market is about to break out in either direction.An immediate resistance barrier on the upside is $1660. The next significant barrier is placed at the $1720 level. A closing above the $1720 barrier level might spark a new rise. In this situation, the price may rise to $1800 or higher. Any further advances might push the price up to the $2000 barrier level.If ETH fails to break through the $1660 barrier level, it may continue to fall. On the downside, the $1550 level provides immediate support. The next significant support is at $1500. If the price falls below $1500, it may move towards the $1400 support.KEY LEVELS :RESISTANCE LEVEL : $1660-$1720SUPPORT LEVEL : $1550-$1500<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c279f1c09a9c4230b52f02562650332c.png">The Merge upgrade for Ethereum What will happen next? Share your views.Get more crypto related updates on ;-<a href="https://www.coingabbar.com/en/crypto-news-english" rel="noopener noreferrer nofollow"> https://www.coingabbar.com/en/crypto-news-english</a>

ETHEREUM PRICE ANALYSIS : The Merge upgrade for Ethereum Countdown begins, Bulls hoping on a reversal from the rising channel line

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