- Ethereum Merge behind us, a phase of Bitcoin dominance has commenced and altcoins have suffered a decline in the past week.
- The current market cycle is marked by long accumulation and long consolidation phases, analysts consider this worse than a bear market.
- Ethereum price is on a steep decline, analysts have set a downside target of $1,277 for the altcoin in the ongoing bloodbath.
Successful completion of the Merge has paved the way for Ethereum’s 18% dominance. Interestingly, Ethereum, XRP and Cardano, among other altcoins, are showing signs of weakness in their price trends. Analysts believe it is the end of altcoin season and the beginning of Bitcoin’s dominance yet again.
Also read: Bitcoin price sink or swim: Largest BTC exchange inflow worries investors
Ethereum price continues decline despite successful Merge
Ethereum Merge is successfully behind us and the crypto community has turned its eyes to the Cardano Vasil hard fork. The hype surrounding the Ethereum Merge has died down, ETH price is on a steep decline. Analysts have set a bearish target of $1,250 for Ethereum’s price.
Traders should be aware of the bearish signals in Ethereum’s price trend. Though trader sentiment was bullish ahead of the Merge, the decline in ETH price has fueled a bearish sentiment among Ethereum holders.
Ethereum price decline post Merge
Analysts at the YouTube channel Bleeding Crypto identified Ethereum’s loss of support at $1,362 as a key bearish signal for the altcoin. Analysts have anticipated another drop down in Ethereum price, to support at the $1277.30 level.
ETH-USDT Perpetual Contract 12-hour chart
Analysts at FXStreet are bearish on the Ethereum price trend. For key price levels, check the video below: