Due to the development of a bearish pattern, the price of Ethereum is hanging by a thread. However, after being rejected from the crucial psychological barrier of $2000, the price of ETH appears to be reversing. Although, the fundamentals seem to be more solid than ever with the Merge upgrade just around the corner.
Investors have been speculating on future moves more and more as the anticipation has grown. The crypto community at CoinMarketCap, in particular, has made strong forecasts on the price of decentralized finance (DeFi) assets, predicting that by September 30, 2022, ETH will trade above $2,000 in value.
The community predicted that Ethereum will trade at $2,102 by the end of September using CoinMarketCap’s “Price Estimates,” a 29.16% rise over the asset’s current price. The estimate is the mean of the 2,154 votes cast by community members as of the publication date.
Rekt Capital, a prominent crypto trading expert, noted in his technical analysis that ETH may soon create a lower high, similar to in 2021.
He said: “It’s not out of the question, as ETH recently failed to retest the orange area as support. And so it is possible for ETH to relief rally into orange to confirm it as resistance.”
Due to the impending Merge upgrade, according to Mike Novogratz, CEO of cryptocurrency investing company Galaxy Digital, Ethereum is presently his highest conviction cryptocurrency trade. While a report published earlier in August asserted that the Merge will help Ethereum advance toward becoming a “global institutional-grade asset,”
Additionally, as of August 22, Ethereum ranked first among the projects with the highest level of development activity over the previous 30 days. Despite the optimism around the event slated for September 15, there are many who have their doubts.