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Ethereum (ETH) Price Can Drop Heavily In September If This Scenario Plays-out

Even with the merge expected to happen in mere a couple weeks, ethereuminformation ethereum Blockchain NetworkTechnology Followers : 0 View profile continues to be facing significant bearish pressure. Ethereum developers revealed last month that the update was slated to reach in the center of September. The Merge will now officially begin on September 6 and end between September 10 and September 20.

The altcoin had an enormous sell-off because the price of Ethereum tried to keep up itself above its immediate resistance. On the previous 24 hours, the cost of Ethereum showed a fresh decrease on its chart. During the last day, the second-largest cryptocurrency fell by 8%. Through the previous week, ETH experienced a 9% decline and started to trade below the $1,500 support level.

Whats Next For ETH Price?

In a recently available tweet, Scott Redler of T3 Trading Group expressed concern that Ethereum, the second-largest cryptocurrency, may be headed for a decline below $1,000. In accordance with Redler, if the S&P 500 index tests its June lows once again, a poor scenario will need place.

The second-largest cryptocurrency reached its all-time on top of the Binance market on August 14 at $2,031. The boost in popularity was linked to the increased anticipation for the impending merge upgrade. The bitcoin orginformation bitcoin org Event OrganiserTechnologyPayment solution Followers : 0 View profile rival, however, immediately saw the vast majority of its recent gains reversed as Ethereums stunning climb found a grinding halt.

The second-largest cryptocurrency, in accordance with Redler, allegedly became negative after it broke the rising channel close to the $1,815 mark. A bear flag formation developed on the chart and resolved lower after bulls missed yet another rally opportunity earlier this week.

Redler tweeted that the price tag on Ethereum has hit $2,100 in the initial couple of days of August. Previously, He correctly foresaw that the price tag on the second-largest cryptocurrency will go below the $1,400 mark in early June.

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