Even with the ‘merge’ expected to happen in a matter of weeks, Ethereum is still facing significant bearish pressure. Ethereum developers revealed last month that the update was due to arrive in mid-September. The merge will now officially begin on September 6 and will end between September 10 and September 20.
The altcoin had a huge sell-off as the price of Ethereum tried to maintain itself above its immediate resistance. Over the previous 24 hours, the price of Ethereum showed a new decrease on its chart. Over the last day, the second-largest cryptocurrency fell by 8%. During the previous week, ETH experienced a 9% decline and began to trade below the $1,500 support level.
What’s Next for ETH Price?
In a recent tweet, Scott Radler of T3 Trading Group expressed concern that Ethereum, the second largest cryptocurrency, could fall below $1,000. According to Radler, a downside scenario will occur if the S&P 500 index tests its June lows once again.
The second largest cryptocurrency reached its all-time high on the Binance market on August 14 at $2,031. The increase in popularity was related to increased anticipation for the impending merge upgrade. However, Bitcoin rivals quickly noticed that almost all of its recent gains were reversed as Ethereum’s stunning climb came to a grinding halt.
The second-largest cryptocurrency, according to Redler, allegedly became negative after it broke the rising channel near the $1,815 mark. A bear flag formation developed on the chart and resolved lower after bulls missed an additional rally opportunity earlier this week.
Radler tweeted that the price of Ethereum hit $2,100 in the first few days of August. Previously, he correctly predicted that the price of the second-largest cryptocurrency would drop below the $1,400 mark in early June.
