- ETH’s drop in price correlated with the RSI drop toward the green 37.67 level.
- If ETH can hold the current orange support area, the RSI might be able to form a higher low.
- ETH is currently trading at $1,344.88 after a 0.96% drop in price.
A Twitter (NYSE:TWTR) user Rekt Capital took to the Twitter platform on September 21 to speculate on what to expect from Ethereum (ETH) after The Merge. The user also included a newsletter with a detailed analysis of ETH and what to expect in the coming days.
Rekt Capital is a pseudonymous crypto analyst who often shares macro research, commentary and technical analysis related to crypto markets.
Ethereum / US Dollar 1W (Source: TradingView)
According to the analyst, ETH’s drop in price correlated with the RSI drop towards the green 37.67 level. He also referred to a previous ETH analysis where they believed that the RSI might need to dip into the green 37.67 RSI support to check if this support will break down to validate the Double Top on the RSI.
On the other hand, the RSI might rebound to invalidate the Double Top and instead enable a relief rally to reach the green diagonal trendline resistance forming a third rejection in the series of lower highs on the RSI. This will then further develop the descending triangle on the SRI.
Rekt Capital believes that if ETH can hold the current orange support area, the RSI might be able to form a higher low relative to the 37.67 support. This means that the RSI will be a step closer to invalidating the Double Top idea, and a relief rally could be in the cards for ETH.
Ethereum / Tether US 1D (Source: CoinMarketCap)
According to CoinMarketCap, ETH is currently trading at $1,344.88 after a 0.96% drop in price over the last 24 hours.
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