Despite the much-anticipated Merge upgrade is to occur soon, Ethereum may plunge below $1,000
According to a recent article in Bloomberg, Ethereum, the second largest digital currency, faces high odds of falling to or below the $1,000 low.
Bloomberg cited technical indicators, according to which ETH’s fall from the August high of $2,000 to the current $1,500 level may take it much lower, despite the much-expected Merge upgrade approaching as the date of the event taking place was announced between September 10 and 20, roughly on September 15.
Katie Stockton, co-founder of Fairlead Strategies, told Bloomberg that the coin has moved below initial support from its 50-day MA. Now the risk of falling significantly in the short term has become stronger than before. Stockton believes this may happen in the coming days.
Ethereum Merge has been highly anticipated as a major bullish event for ETH. This upgrade will switch Ethereum to Proof-of-Stake protocol from the currently used Proof-of-Work, thus making Ethereum less energy consuming and more scarce as new coins will be minted much more seldom on PoS than now on PoW.
However, as the event is approaching, the price has been pushed down instead of up.
