Today, i.e., September 7th, the crypto market crashed to a big extent. Bitcoin, especially, dropped to the $18,000 cost range and Ethereum price lost nearly 10% within the last 24hrs.
During publication, Bitcoin is changing hands at $18,761 following a fall of nearly 6% within the last 24hrs.
Going back fourteen days, Bitcoin and Ethereum have already been struggling to trigger some bullish momentum for a confident follow maintaining above $19,000 and $1,600, respectively. Even the hype round the Merge has didn’t push Ethereums price- which indicates precisely how intense the marketplace crunch is, right now.
However, the majority of the market participants are benefiting from ETHs price plunge by accumulating a growing number of currencies. It is because investors are of the opinion that the marketplace fall can be an possibility to buy currencies that might be profitable later on after the Merger is completed. The Merger is scheduled to be completed by mid-September.
Ethereum Price To Surge Soon?
The merger will transform the Ethereum network from the proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. Also, after the merger is performed, it really is anticipated that the Ethereum price will hit a target of $2,000.
In a fresh video, analyst Jason Pizzino informs his 275,000 followers on YouTube that the Ethereum Merger will tripped a short-term price plunge. The analyst claims there are high chances that the Merge could have a poor impact and therefore, the marketplace participants ought to be prepared for this.
Furthermore, the ETH price might hit the resistance at $1,700, if the currency does not move beyond that level, the currency will undoubtedly be in a negative state. Here, Jason warns that Ethereum might form a lesser top.
During writing, Ethereum is changing hands at $1,531 following a pullback of 8.15% within the last 24hrs.