Despite being the most significant event in the history of its chain, the Ethereum merger has since failed to sway a positive reaction to the price of the leading altcoin, Ether. [ETH].
According to the information received from CoinMarketCapMoments after the consolidation, the price of ETH surged to a high of $1,634, after which it fell steadily. At the time of writing, ETH is changing hands at $1,289.27, down 21% since the day of the merger.
The past few days following the merger have also been marked by a significant ETH divestiture from the general cryptocurrency market.
According to the information received from CoinglassETH worth $128.80 million was removed from the market between September 16-17. During yesterday’s trading session (September 18), the total liquidation of ETH exceeded $300 million.
At the time of writing, $171.92 million has been withdrawn from the ETH market in the last 24 hours, according to data from Coinglass.
Down south since the merger
At the time of writing, ETH is trading at $1,289. As noted above, the lead variant has recorded a twofold decrease since the merger occurred four days ago.
ETH price is currently trading at two-month lows, and was temporarily trading above $1,300 during the early trading hours on September 19. However, according to CoinMarketCap, the coin’s price has fallen by 11% in the past 24 hours.
There was a divergence between price and volume at the time of writing, with data from CoinMarketcap revealing a significant increase in the asset’s trading volume over the past 24 hours. It increased by 98%. This indicates buyer exhaustion.
Vendors run this town
Major indicators on the daily chart indicated significant selling activity for the major currency at press time. On a steady decline since the merger and away from the neutral point 50, the Relative Strength Index (RSI) was 33 at press time. Indicating an increase in selling pressure, Chaikin Money Flow (CMF) showed a negative decline at -0.12.
Moreover, the Exponential Moving Average (EMA) confirmed the situation in which the sellers were in control of the ETH market. At the time of writing, the 20 EMA (blue) is below the 50 EMA (yellow), which indicates a massive bearish move.
Interestingly, the position of the Moving Average Convergence Divergence (MACD) revealed the beginning of a new bearish cycle on the day of the consolidation.
ETH holders are still in progress, they may see an additional drop in the altcoin price in the coming days