Article Highlights:
- Up until the last week of August and until the Merger, it was anticipated that the price of Ethereum may increase by over $1700, breaking through the $2000 resistance level.
- But given the market activity right now, it seems like the ETH price might not even hold over $1200 till the Merger.
After a sharp rejection at $1509, the price of Ethereum failed to return to the levels above $1500 over the last weekend. The second-largest cryptocurrency is currently getting closer to the daily lows, which in a protracted bear trend may drop around $1400. The asset may, however, bounce back, maintaining a noticeable consolidation, but the path to $1000 seems to be right around the corner.
The Ethereuminformation Merger, which has been much anticipated, is soon to happen. The Goreli Testnet’s successful transition to PoS was followed by a sharp increase in ETH price, which eventually reached $2000. The effect of this was, however, quite fleeting because the price soon fell precipitously.
Given that one of the well-known analysts thinks the price of ETH could reach $1000 on the day of the Merger, the downward trend is anticipated to continue until the Merger.
The expert claims that the asset’s bearish tendency is an outgrowth of the “buy the rumor, sell the news” strategy. The analyst thinks that the ETH bulls have already abandoned the rise; hence he thinks that the asset could hit $1000 up until the merger day.
The price of Ethereum (ETH) is currently $1488.37, up 1.10% over the past 24 hours, following a weekly decline of 8.08%. With 122 billion in circulation, the market capitalisation is still depressed at about $181 billion.
Therefore, the price of Ethereum (ETH) may depend greatly on the forthcoming monthly close. With the start of the Merger process on September 6, 2022, closing above $1500 would open the door for a significant rise above the key resistance of around $1700.
Do you think the Ethereum Merge will influence the price of Ethereum? If yes, is it positive or negative?
