The cryptocurrency is back to a bearish outlook. Most cryptocurrencies lost around 20% since last week, while Bitcoin reached the psychological price of $20,000. For Ethereum investors however, things are looking scary as a continuation of this drop might lead ETH to reach the psychological price of $1,000 again. Will Ethereum reach 1000 $ again? Let’s analyze in this Ethereum price prediction article.
When is the Ethereum Merge?
The Ethereum Merge date was eventually revealed after much anticipation. For the majority of naysayers, the promises of the merger’s actuality were not even near, but recent events have pushed fresh breakthroughs in Ethereum’s growth. On September 15–16, 2022, Ethereum 2.0 should be released. The community feels certain about this happening this time since the Ethereum merge is scheduled to occur when the Total Terminal Difficulty (TTD) reaches 58750000000000000000000. There have been several delays up to this point. The merging is planned to occur when this challenge is met, which occurs between September 15 and 16, 2022.
Ethereum Prices are Down – What happened?
After a brief consolidation, Ethereum started an uptrend. This uptrend was amplified when the news regarding the merge appeared. ETH managed to reach a high of $2,000 and even breached it for a short while. When the anticipation of the merge started to cool off, and when the cryptos started to adjust, ETH prices fell the hardest as they increased by around 100% in the past months. Currently, ETH prices are sitting at a strong support delimited between $1,650 and $1,550.
Ethereum Price Prediction – Should you Buy Ethereum at the Current Price?
It is clear that Ethereum started a price correction from the psychological price of $2,000. We also saw a slight retracement higher, but we failed to see any proper continuation of the uptrend. Ethereum is sitting at a risky price between $1,550 and $1,650. If prices breach $1,550 lower, we should expect ETH to drop towards the next support of $1,400. This case scenario is very likely as the general sentiment in the crypto market is negative.
However, if ETH breached $1,700 higher, this means that prices are trying to go back to their previous uptrend. We can then place a buy order around that price, and place a stop-loss trigger right below it. This scenario is not likely to happen though with the current market dynamics.
