The Ether (ETH), has been stuck in a range but is unlikely to stay there for long. As Europe’s energy crisis has caused the euro to drop to a 2-decade low against US dollars, the bullish outlook for crypto is dim. The US Dollar Index (DXY), which has an inverted correlation with crypto and stock markets, soared to 110 for the first-time since June 2002. Due to the Bellatrix Upgrade, ETH has risen around 6%. This had also led to a surge in volume of more than 70% over the past 24 hours. These are the last steps before the official merger. Ethereum will transition to a proof of stake consensus mechanism between September 10th-20th.
At the time this article was written, ETH was trading for $1,642.
After hitting a recent high of $2,000.30, ETH prices experienced a sharp correction. They fell nearly 29% to $1,422. After this correction, ETH prices fell almost by 29% and reached a weekly low of $1,422. ETH is currently in a strong resistance zone between $1,700 and $1,750 (Horizontal Trendline & 23.6% Fibonacci Rectangle Level). If these resistances are broken in large volumes, then ETH can rally further to the $2k mark.
Support 2Support 1AssetResistance 1Resistance 2$1,275$1,500ETH$1,750$2,000
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