Bullish And Bearish Price Levels For Ethereum Ahead Of Merge Event

The post Bullish And Bearish Price Levels For Ethereum Ahead Of Merge Event appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

A well-known crypto analyst and strategist, anonymously known as Rekt Capital, has come out with his analysis wherein he claims that the current Ethereum bull run is nothing like the 2021 bull run.

The analyst informs his 327,800 Twitter followers that though the Ethereum price is trying its best to maintain above its support area of $1,500, it is doomed to fall. 

The analyst says that if Ethereum manages to retest the current support area successfully, the asset will rise and create a macro lower high at around $1,800- as was also seen in 2021. 

A macro lower high has always indicated a bearish trend and so, a bounce will not last long.

Then, Rekt goes on to say that though Ethereum’s current price trend is between $1,500 and $1,800, the unsatisfying response of ETH bulls around the support area demonstrates the variation in trend.

He also compares the trading from early 2021 and claims that the current market is not that volatile and there is no strong buy-side reaction as of now.

Ethereum Merge To Cause A Surge In ETH

Meanwhile, another popular trader and analyst, Michael van de Poppe, is of the opinion that there is one factor that could fuel ETH price action beyond $1,800, and also intensify positive sentiments in the space. 

Van de Poppe asserts that Ethereum’s upgradation is scheduled for September 6th and this is the factor that will play an important role in changing the sentiment around the leading smart contract network.

According to the strategist, if Ethereum continues its bullish momentum, it might reach $2,200 in the days to come.

The upcoming merge is one of the most anticipated upgrades and events to ever take place in the crypto universe, which will transform the present proof-of-work (PoW) into a proof-of-stake (PoS) mechanism.

At the time of reporting, Ethereum is trading at $1,549 with a drop of 1.71% over the last 24hrs.