Even with the ‘merge’ anticipated to happen in only a few weeks, Ethereum is still facing significant bearish pressure. Ethereum developers revealed last month that the update was slated to arrive in the middle of September. The Merge will now officially begin on September 6 and end between September 10 and September 20.
The altcoin had a huge sell-off as the price of Ethereum tried to maintain itself above its immediate resistance. Over the previous 24 hours, the price of Ethereum showed a new decrease on its chart. Over the last day, the second-largest cryptocurrency fell by 8%. During the previous week, ETH experienced a 9% decline and began to trade below the $1,500 support level.
What’s Next For ETH Price?
In a recent tweet, Scott Redler of T3 Trading Group expressed concern that Ethereum, the second-largest cryptocurrency, might be headed for a decline below $1,000. According to Redler, if the S&P 500 index tests its June lows once more, a negative scenario will take place.
The second-largest cryptocurrency reached its all-time high on the Binance market on August 14 at $2,031. The increase in popularity was related to the increased anticipation for the impending merge upgrade. The Bitcoin rival, however, immediately saw almost all of its recent gains reversed as Ethereum’s stunning climb came to a grinding halt.
The second-largest cryptocurrency, according to Redler, allegedly became negative after it broke the rising channel near the $1,815 mark. A bear flag formation developed on the chart and resolved lower after bulls missed an additional rally opportunity earlier this week.
Redler tweeted that the price of Ethereum has hit $2,100 in the first few days of August. Previously, He correctly foresaw that the price of the second-largest cryptocurrency will go below the $1,400 mark in early June.