Things could get much worse for the Ethereum price ahead of the merge upgrade, according to trader Scott Redler
one in Recent TweetScott Radler of T3 Trading Group believes that Ethereum, the second largest cryptocurrency, may be on its way to a downside break below the $1,000 level.
According to Redler, such a bearish scenario will play out if the S&P 500 index retests June lows.
On August 14, the price of the second largest cryptocurrency peaked at $2,031 on the Binance exchange. The upward move was attributed to growing enthusiasm about the upcoming merge upgrade.
However, Ethereum’s impressive rally quickly came to a grinding half, with the Bitcoin competitor retracing virtually all of its recent gains.
Radler claims that the second largest cryptocurrency took a bearish turn after breaking the ascending channel at the $1,815 level.
After bulls failed to take advantage of another bounce opportunity that was presented earlier this week, a bear flag formation appeared on the chart, and it resolved lower.
As reported by U.Today, Redler tweeted that the price of Ethereum would be able to touch the $2,100 level in early August.
In early June, he correctly predicted that the price of the second-largest cryptocurrency would plunge below the $1,400 level.
At press time, Ethereum price is changing hands on the Binance exchange, sliding from an intraday low of $1,490 to $1,490.
The cryptocurrency remains under strong bearish pressure despite the fact that the merge upgrade is expected to take place in just a few weeks from now.
Billionaire Mark Cuban recently said that he was “super bullish” before Ethereum transitioned to proof-of-stake as its energy consumption would drop dramatically, as U.Today reported.
