Ethereum Merger is a few hours away with less than 4000 blocks to be mined to hit the trigger. The ETH price continues to be under bearish influence as the prices fail to surpass the pivotal zones around $1627. Therefore, the majority of the asset carries on with the consolidated trend that began in the early trading hours.
Ethereum funding has turned mega-negative, while bitcoin rates have risen at the same time. Therefore, the spread between the two figures has reached an ATH of 77% per annum. As reported by Glassnode, traders are heavily short on ETH relative to BTC.
Therefore, a significant hedge or plunge is expected to occur alongside the Ethereum Merger, while the ETH/BTC could drop heavily soon. Considering the ETH/USDT, the price is facing equal pressure on either of the sides and hence possesses both the possibility of an out-break towards the north or south in the coming times.
After experiencing extreme pressure, if Ethereum (ETH) price breaks out of the consolidation, there could be a key zone at $1627 and eventually the resistance area between $1668 and $1677. Conversely, if the price fails to sustain the support, it might turn difficult to test the immediate support at $1558.
The Ethereum price could rebound at these levels, & if failed to do so, may drain into a deep bearish well.
