As everyone and their mother expected, ETHUSD dumping after the merge.
Recently ETH outperformed Bitcoin a lot. We consider the possibility that BTCUSD will hold a double bottom but we also expect the price to go sideways. Meanwhile ETHUSD (and ETHBTC) will retrace to retest the key level at 1200 - 1300 usd.
If the bottom is in on Bitcoin, 1200 usd ETH support should hold .
In the next days we expect the price to continue dropping but some bounces on lower timeframes can occur.
MACD shows increasing negative momentum which suggests that the short-term downtrend will continue.