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As the long-awaited Ethereum Merge is approaching, the crypto community is closely watching the development of the Ethereum price. According to the latest announcements from the developers, it seems almost certain that the merge is scheduled for September 15th. Over the past 45 days, the cryptocurrency has experienced high volatility with large upward movements and subsequent corrections. ETH recently hit a high of $2,000, while the low was $800.
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What does the Ethereum price do immediately before the merge?
This pattern of high volatility is not necessarily a bad thing, according to top traders in the community. Scott Melker, host of the podcast The Wolf Of All Streets, said he was extremely bullish on ETH in the long run. He added that he would like to take a position in ETH in the range of $1,200. If we see a breakthrough below the current level, there could be a decline to the $1,284 range. A price increase to $1,690 could trigger a decline, he added. However, this is not certain, but can be expected based on previous movements, he said.
“If we experience a decline to $ 1.284, I would be very excited about Ethereum. This is still 50% more than the low of $ 800. Even at the current level of $1,600, it is twice as high as recent lows. I don’t see this as a downward trend for ETH compared to Bitcoin.”
Buy Ethereum Before Merging
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Preparations are in full swing
The Ethereum network will soon switch to Proof of stake as a consensus mechanism after the merge. Currently, the network uses Proof of Work. The transition has recently officially started with the release of the v22.8.1 update for Mainnet users. The update helps to enable the Bellatrix upgrade and merge transition configuration.
Ethereum
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