Ethereum price maintained its consolidating trend between $2100 and $1927 for quite a long time after the recent market drop. A fresh decline also took the price lower to $1702.68 while it appears to be undergoing a consolidation and a significant breakout of the higher range. However, despite a rally, the price is still expected to drop closer to these levels, but it cannot drop below $1700.
ETH price is currently trading below $1700 with one of the strong support levels at $1664.63. However, the first time the asset stayed above these levels and secured its position, it never broke these levels. Furthermore, it has flipped significantly each time and has risen by over 30%.
On the other hand, both the RSI and MACD are on the verge of a bearish reversal, which could again end with the price rising above $2000. Each time the RSI fell from upper resistance to lower support, it resulted in a significant increase of around 50%. On the other hand, MACD is on the verge of giving a buy signal as the buying volume is gradually increasing.
Finally, when the merger is fast approaching somewhere in August, there could be a significant increase in the price of ETH ahead of the launch. Therefore, a significant jump in Ethereum price can be expected in the coming days, while the possibility of a pullback may not be completely eliminated.