Will Ethereum (ETH) Price Dump on the Day of Merger?
Ethereum (ETH) price is currently trading above $1500, displaying enough strength ahead of the crucial Merger which is scheduled on 13 September 2022. The asset is not displaying huge volatility and continues to trade within narrow regions. The consolidation within an ascending range clearly signifies the growing market sentiments ahead of the Ethereum Merger.
The second-largest crypto formed a couple of bearish flags and dropped hard ever since the price rose above $2000. The price has been on rising and trying to nullify the current bearish pattern. While the Merger is just a week away, the price may also forecast some strength ahead.
Despite holding significant strength, the ETH price still hovers within a bearish descending parallel channel. The asset is slowly landing up within the decisive phase, where-in the price may either break out above the consolidation or else drop back to the middle bands. However, many believe, the asset may fall prey to ‘buy the rumor & sell the news’ that may slash the price harder ahead.
Meanwhile, the Merger is fast approaching, and the spice around ETH vs ETHPoW is getting heated up, much similar to LUNA vs LUNC. ETHPoW, is the forked Proof-of-Work-based Ethereum, carried out by miners to continue with their activity. However, the ETHPoW is trading at extremely depleted levels compared to that of ETH.
Hence any drop in the Ethereum(ETH) price post the merge, may enable the ETHPoW price to gain traction.Source