Ethereum (ETH) price is currently trading above $1500, displaying enough strength ahead of the crucial Merger which is scheduled on 13 September 2022. The asset is not displaying huge volatility and continues to trade within narrow regions. The consolidation within an ascending range clearly signifies the growing market sentiments ahead of the Ethereum Merger.
The second largest crypto formed a couple of bearish flags and has barely declined since the price surged above $2000. The price is rising and trying to break out of the current bearish pattern. Though the merger is just a week away, some further consolidation in prices can be anticipated.
Despite holding significant strength, the ETH price still hovers within a bearish descending parallel channel. The asset is slowly landing up within the decisive phase, where-in the price may either break out above the consolidation or else drop back to the middle bands. However, many believe, the asset may fall prey to ‘buy the rumor & sell the news’ that may slash the price harder ahead.
Meanwhile, the merger is fast approaching, and the spice around ETH versus ETHPoW is heating up, which is similar to LUNA versus LUNC. ETHPoW is a task-based fork of Ethereum, used by miners to continue their activity. However, ETHPoW is trading at extremely low levels as compared to ETH.
Hence any drop in the Ethereum(ETH) price post the merge, may enable the ETHPoW price to gain traction.
