The Ethereum price showed no positive effect despite the successful completion of the Merge.
Over the last 24 hours, the coin depreciated by 2%, and in the last week, Ethereum noted a 17% decline. At the moment, ETH is trading sideways with very little change in price.
A further drop in prices would mean that Ethereum could be captured by the bears. Technical indicators have turned bearish at the time of writing.
Sellers are dominating at the time of writing, which points towards increased chances of the bears taking over.
The current support line for Ethereum was $1,350, and if buyers push back into the market, Ethereum could move slightly upwards.
Ethereum could be facing strong resistance at the $1,500 price level.
Bitcoin’s chart also