Between Ethereum and its Merge, what is stopping ETH’s recovery on the charts

ambcrypto.com:

Ethereum [ETH]’s much-awaited “Merge” is here. And it is here to create the much-anticipated shift in paradigm i.e. the shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Much has been said about ETH’s merger, however, how has the token faired amid the ongoing changes to the network? Let’s find out…

On 9 June, Ethereum developers successfully merged the Ropsten testnet with the beacon chain, and changes to the execution layer are expected to come at a later stage. However, the ETH token didn’t seem to be quite affected by the movements on the network.

At the time of writing, the ETH token stood at a value of $1,666 and has been trading 6.9% lower in the last 24 hours. The Relative Strength Index (RSI) also stood at 34.09, indicating that losses are greater than the gains of the token. The Awesome Oscillator (AO) too flashed a red bar after a series of green bars, but all below the zero line.

Source: TradingView

As per data from Glassnode, ETH’s Exchange Netflow stood at a positive value of $24.8 million, indicating that more and more people are sending in their tokens into exchanges than sending out of exchanges.