As the long awaited Ethereum Merge approaches, the crypto community is closely watching Ethereum price movement. With the recent announcements from developers, it appears almost certain that the Merge is set for September 15. In the last 45 days, the cryptocurrency witnessed high volatility with huge upward movements and instant corrections. ETH reached a peak of $2,000 recently compared with the lows of $800.
Where Could ETH Price Reach Before The Merge?
This pattern of high volatility is not necessarily a bad thing for Ethereum, according to top traders in the community. Scott Melker, host of The Wolf Of All Streets podcast, said he is extremely bullish on Ethereum in the long term perspective. He added that he would like to take a position in ETH at the $1,200 range. If we see a break below the current level, there could be a drop to the range of $1,284. A price push to $1,690s could induce a drop, he added. However, it is not certain to happen but expected on the lines of previous movements, he said.
“If we get a drop to $1,284, I would be very excited to about Ethereum. That is still 50% up from the lows of $800. Even at the current $1,600 level, it is double the recent lows. I don’t see this as a bearish trend for ETH when compared with Bitcoin.”
Build Up To The Merge
The Ethereum network will soon transform to the Proof of Stake as its consensus mechanism after the Merge. Right now, the network uses Proof of Work, another popular consensus mechanism. The Merge transition had official begun recently with the release of the update v22.8.1 for Mainnet users. The update helps enable the Bellatrix upgrade and Merge transition configuration.
As of writing, Ethereum (ETH) price stands at $1,623.61, down 0.34% in the last 24 hours, according to price tracking website CoinMarketCap. On a weekly basis, the cryptocurrency is down 14.32%.
