Analyst Maps the ETH Price Target on the Day of Ethereum Merger!

Analyst Maps the ETH Price Target on the Day of Ethereum Merger!

The Ethereum price during the past weekend failed to regain the levels above $1500 after a strong rejection at $1509. Presently, the second largest crypto is closer to marking the daily lows that could be below $1400 in an extended bearish trend. However, the asset may surely rebound, maintaining a notable consolidation but the path towards $1000 appears imminent. 

The most awaited event, The ethereuminformation ethereum Blockchain NetworkTechnology Followers : 0 View profile Merger’ is fast approaching. Soon after the Goreli Testnet successfully switched to PoS, the ETH price surged significantly to hit $2000. However, the impact of this remained very short-lived, as the price dropped hard later. 

The descending trend is expected to prevail until the Merger, as one of the popular analysts believes the ETH price could hit $1000 on the day of the Merger.

According to the analyst, the asset’s bearish trend is an out of the ‘buy the rumour & sell the news,’ The analyst believes that the ETH bulls have already left the rally and hence he believes the asset may reach $1000 until the day of Merger. 

Presently, the Ethereum (ETH) price is hovering around $1488.37 with a 24-hour gain of 1.10% after undergoing a weekly drop of 8.08%. The market capitalization still remains depleted at around $181 billion with a circulating supply of 122 billion. 

Therefore, the upcoming monthly close may be extremely important for the Ethereum (ETH) price. A close above $1500 may pave way for a notable upswing above the crucial resistance at $1700 with the beginning of the Merger process on September 06, 2022. 

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