While the Ethereum Merge is fast approaching, the asset is slowly gaining strength by manifesting a stable trade, less impacted by the broader market sentiments. The ETH price sustaining above $1500 is a clear indication of the coiling market sentiments ahead of the much-awaited event.
The upcoming weekend is expected to change the trend for the ETH price and for the entire crypto space to some extent. Mainly due to this reason, the price is expected to coil up ahead of the Merger and could surpass $1700 any moment from now.
However, some analyst still foresees a bull trap being laid down as the price flash significant bearish signals.
One of the well-known analysts, Justin Bennett highlights the formation of a ‘Head & Shoulders’ pattern which is usually bearish. The analyst fears if the price drops back towards the lower support, the possibility of the asset dropping below $1000 to hit $800 emerges. Moreover, the ETH price failed to surpass the 50-day MA levels which are acting as a major resistance nowadays.
On the brighter side, many platforms have announced their plans to support the upcoming transition from PoW to PoS. Ethereum has been trading positively in the past couple of weeks which displays a sign of confidence in the upcoming merger. While the social activity also remains relatively high, the price is also expected to be impacted accordingly.
However, the upcoming weekend is expected to be pretty crucial for the asset as the traders look forward to an increased bullish momentum ahead of the Merger. No doubt, the event may turn out to be a huge success, yet the Ethereum (ETH) price may certainly not follow a firm uptrend for a long time.