Ethereum rallied from the hype generated by the Merge announcement. Although this is recent news, ETH already hit the $2,000 mark after the bearish July market. After over a month of price increases, ETH’s price closed in on the $2,000 mark. One of its highest since the entire crypto market crashed. However, the most recent rally has placed confidence in investors and traders alike. Related Reading: XRP Bulls Charge Hard To Pull Prices Up Past $0.34 After A Dismal August The Highly-Anticipated Merge The rally was because of the recent ETH Merge announcements that has been the talk of crypto traders around the world. This move, according to Ethereum co-founder Vitalik Buterin, will bring efficiency to the network and reduce overall carbon footprint. These types of announcements however boost the confidence of traders and investors pushing the price up. As of this writing, ETH is oscillating at ranges $1,718.41 and $1,791.76. The token is also trying to entrench itself on the 78.60 percent in the Fib retracement. Related Reading: How Litecoin (LTC) Is Able To Muster A 5-Day Straight Rally Ethereum Bulls Try To Breach Resistance The recent support is set at $1,740.63 with the resistance at the $1,802.12. The bulls have consistently tried to target $1,802.76 resistance to continue the rally. But as the graph shows, the rally has stagnated and the bull now tries to consolidate the position. Two things might happen while ETH’s price...
