I believe the value of Ethereum is due to rise, it's currently consolidating around 1700-1800, 1700 seems to be a level of resistance, judging off its recent price points along with May-July last year when it was at similar levels. Those levels are factors in my analysis as once it touched those prices, it quite quickly formed green candles without much resistance, whereas now, Where I have placed circles on the right side of the screen, it struggled to rise and got pushed back down. With the current tests being run for the merge on the test net and the merge planning to go ahead in early august, it should hopefully give ETH that momentum and liquidity it needs to pump.
Comment:
Could've gone either way, with the rest of the crypto market not supporting a bull run, it inevitably broke through resistance and crashed.