Ethereum ETH price could display stagnant price action as Ethereum ETH Merge conversations and speculations persist.ETH price is on everyone's mind as the upcoming Ethereum Merge event provokes considerable price speculation about where the price is going.

Ethereum price looks triangle bound

According to Santiment's Social Media signals' Ethereum Merge is currently ranking in popular discussions on all social media platforms. Despite the hype and speculation that Ethereum's big day will yield a massive price move, the technical analysis could be suggesting that nothing spectacular is set to happen at all.

Ethereum ETH currently auctions at price of $1,595 after losing 13% of market value upon the US Consumer Price Index report. On larger time frames, the selloff is relatively spare in terms of volume and size of the candles on chart. Additionally, the Relative Strength Index RSI has stair-stepped its way back into supportive level territory, hinting that a large selloff may not be the next move.

A triangle look onsolidation could be forming based on the tapering volume and RSI reading. If this is correct, the ETH price could witness mundane range-bound price fluctuations as the Merge approaches. A breach of the swing low at price of $1,419 would invalidate the triangle idea and could induce a capitulation event towards price of $1,270.

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