Ethereum Network is gearing up for the Merger this September in line with the broader Ethereum community. While ETH’s price was well on track to reach the initial target beyond $2000, the past weekend’s plunge squashed the possibilities of achieving these levels. Previously, the asset has displayed a fakeout which appears to repeat with the current price action.
The second largest crypto gained significant momentum shortly after hitting the bottom in mid-June, and reversed the bearish trend. The asset remained above lower support when the bar showed its strength and dominated the rally. However, there was a huge drop in assets as there is less than a month left in the merger.
The ETH price currently is swinging within an ascending triangle. While the asset was on its way to hitting the peak of the consolidation, the bears dominated the rally and dragged the price lower, slicing through the crucial support. Currently, the price is attempting to re-enter the triangle and continue with the hindered rally.
Collectively, the price of ETH before the Phase 0 launch of ETH 2.0, The Beacon Chain, rose and fell shortly after the launch. A similar trend was observed with ADA price ahead of Cardano’s Alonzo hard fork. Therefore, crypto enthusiasts anticipate a similar action ahead of the September Ethereum merger.
