The Ethereum Merge is welcomed and largely considered a success by the crypto community, but it failed to bring bullish sentiment for Ethereum in the price graph. Ethereum continues its bearish momentum even after its revolutionizing transition to PoS. However, a popular crypto analyst who predicted Bitcoin’s bullish momentum now assures that Ethereum is in the final stage of its bearish phase before skyrocketing to $2,000.
Ethereum Eyes for $2K
The crypto strategist Smart Contractor suggests that Ethereum will continue its bearish momentum and drop to $1,200 before moving upwards to $1,200.
The Ethereum Merge pushed ETH’s price to $1,643, but it was for a short period as Ethereum quickly plummeted below $1,550.
Smart Contractor is a well known crypto strategist in the crypto space. He is one of the best practitioners of Elliott Wave Theory, a technical strategic approach that aims to gauge the future price of a cryptocurrency based on public or crowd sentiment that creates price momentum.
Bulls Will Be Back Soon!
Ethereum is currently forming a C wave in the price graph, and it is expected that ETH will soon start an upward rally following further analysis. According to CoinMarketCap, Ethereum is currently trading near $1,422, a drop of nearly 4% from yesterday.
Last month, Ethereum was trading near the $1,600 level, and the smart contractor predicted a bearish move towards the $1,800 high, which turned out to be correct.
The analyst stated, “Looks like the larger ABC correcting the five-wave rise has begun on ETH. This looks like an A wave, for now, expecting a bounce that ends up being a lower high soon. $1,300 is still the spot to look for buys, in my opinion, provided the structure looks right when we get there.”
However, after the merger, Ethereum saw a significant selloff (700K ETH), which could be the main reason for this drop. The Ethereum merger has created panic and selling pressure among investors; However, it is expected that ETH will soon recover from this and accelerate to $2,000.
