Ethereum Network is gearing up for the Merger this September in line with the broader Ethereum community. While ETH’s price was well on track to reach the initial target beyond $2000, the past weekend’s plunge squashed the possibilities of achieving these levels. Previously, the asset has displayed a fakeout which appears to repeat with the current price action.
The second largest crypto soon after reached the bottoms in mid-June, gained significant bullish momentum, and flipped the bearish trend. The asset sustained above the lower support in the times when the bars dominated the rally, displaying its strength. However, the asset dropped hard as the Merger is less than a month away.
The ETH price currently is swinging within an ascending triangle. While the asset was on its way to hitting the peak of the consolidation, the bears dominated the rally and dragged the price lower, slicing through the crucial support. Currently, the price is attempting to re-enter the triangle and continue with the hindered rally.
Collectively, the ETH price before the launch of Phase 0 of ETH 2.0, The Beacon Chain, had raised and dropped hard immediately after the launch. A similar trend was witnessed with ADA price ahead of Cardano’s Alonzo Hard Fork. Therefore, crypto enthusiasts speculate a similar action may be ahead of Ethereum Merger in September.