Ethereum 2.0 is in the final stages as the Merge is expected to be complete between September 15 to 20. The blockchain’s systems’ will switch from proof-of-work to proof-of-stake moving to a new method of validating transactions. The development ushers a new era in the crypto sphere that will consume lesser energy. The Merge is the biggest event in the crypto industry and is the most anticipated transition.
Investors believe that the Ethereum Merge will propel the price of ETH to new highs and generate profits. ETH is experiencing an inflow of funds as the days leading up to the Merge are nearing. While investors hope that ETH will breach $2,000 before the transition, financial analysts predict that ETH will head south.
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Ethereum Price Prediction: $2,000 Before the Merge or Not?
Ethereum is currently hovering around the $1,700 mark and is mostly trading sideways this week. The world’s second biggest crypto is trading on the razor’s edge with no volatility since Monday. Leading crypto analyst, who goes by the pseudonymous named CrediBull on Twitter has predicted that Ethereum might face resistance at $1,900 and head south thereon.
CrediBull told his 350,000 followers that Ethereum might not cross the $2,000 mark despite the Merge. The analyst believes that the transition is another ‘buy the rumor, sell the news’ kind of event.
The analyst shared a chart suggesting that Ethereum could fall to $1,200 levels after reaching $1,900 ahead of the Merge. That would make ETH plummet 36%, as per the analyst.
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“ETH up some 20% from the bounce zone and now almost at my upside target. Again, looking for a continuation up to $1,800-$,1900. Expecting a rejection there and likely new local lows after. Most don’t want to hear this but it is what it is,” he predicted.
At press time, Ethereum was trading at $1,717 and is down 0.7% in the 24 hours day trade. The crypto is down 64.8% from its all-time high of $4,878, which it reached in November last year.