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.
As anticipation has risen, investors are speculating more and more on future moves. CoinMarketCap’s cryptocurrency community, in particular, has focused on decentralized financial[DeFi]Has made a strong forecast on the price of the asset, predicting that by September 30, 2022, the value of ETH will be above $2,000.
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.
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Rect CapitalA leading crypto trading expert, mentioned in his technical analysis that ETH could soon make a similar low high as of 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.”
According to Mike Novogratz, CEO of cryptocurrency investment firm Galaxy Digital, due to the impending merger upgrade, Ethereum is currently his top-notch belief in cryptocurrency trading. Whereas a report published earlier in August stated that the merge would help Ethereum move towards becoming a “global institutional-class 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.
