The anticipation for the Ethereum ‘Merge’ has been building since 2019. Ethereum 2.0 is a big deal for both the Ethereum community and the whole cryptocurrency market as it represents a significant advancement in blockchain technology.
Although the merge month is here and the cryptocurrency values are still falling sharply. A well-known cryptocurrency analyst has predicted the probable price trend of Ethereum (ETH) if the platform formally adopts a proof-of-stake consensus methodology.
In a recent market analysis video, Jason Pizzino warns that following the “merge,” which is now expected to happen in approximately a week, the price of ETH may hit a rock wall in the near and mid-term. Pizzino said he is worried that once the merger occurs, ETH will create a lower high, setting the stage for unpleasant price movement for Ethereum investors.
ETH Bulls to Struggle? What about BTC?
He said that Ethereum just closed back above the 50 [fibonacci] barrier while looking at the US dollar on ETH. The resistance level is still at around $1,700 based on the past support levels of the bull market cycle, which is basically what we’re seeing here in terms of price. Bulls would likely struggle if ETH does encounter resistance near $1,700 and retraces, according to Pizzino.
According to him, the warning is building a lower top than the last peak, which is going to spell some disaster—at least in the short- to medium-term, or weeks to months.
“If you get a lower top into some of this big bullish news, even just price patterns themselves tend to spell further downside from that point.”
He further says that, if Bitcoin (BTC) loses a crucial support level, it could have a difficult month. If BTC closes below $19,500 on the daily chart, according to Pizzino, the next support level to keep an eye on is around roughly $18,700.