Will Ethereum Be Bullish After Mainnet Merge; Pump Above $2,000?

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  • Ethereum price prediction ranges from $1,540 to $2,000.
  • The price of the coin dropped by 18.14% since August 17, 2022.
  • ETH bearish market price prediction is $1,500.

Although the Crypto market is facing a crypto winter and has significantly shown a decline for months, Ethereum is having a pullback to the $1680 level after dropping down to $1524.95. This can be due to “The Merge” which is Ethereum’s long-awaited transition to proof-of-stake (PoS).

ETH/USDT 4-Hour Chart (Source: TradingView)

On August 18, 2022, the market broke from the rising wedge from the zone of $1875, and since then, Ethereum has been plummeting, producing a bear flag. In this bear flag, the price creates a tight continuation pattern after a downward impulse. The direction of the subsequent impulsive leg is foreseeable to be down.

But if the Merge is successful, it might increase the value of ETH and turn around the cryptocurrency market as a whole. In the long run, if the update goes well, Ethereum will be closer to being the new crypto foundation layer. Based on the analysis, we can foresee that Ethereum may break the resistance level of $2,000- $2,027.

ETH/USDT 1-Hour Chart (Source: TradingView)

The hourly candle touches near the support zone of $1,550-$1,521, and it’s going for a reversal after having buyers put order blocks at $1,545-$1,576 on Saturday. Now, it has broken the 200 EMA line in the 1 hour chart, and it’s going bullish. The current RSI value of 65.95 indicates that more people are buying Ethereum than selling it, which is pushing the price higher.

According to CoinMarketCap, Ethereum is hovering at the price of $1700.30 at the time of writing with 122,100,926 ETH in circulation. Having a second place in the market with a trading volume of $15,694,274,455.9, ETH gained by 3.45% during 24 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.