September 25, 2023

Ethereum Merge Might Cause a Price Problem in the Short-Term – Analyst

There has been a prediction about the price move of Ethereum after its Merge gets concluded. Ethereum is working to migrate its network from the proof-of-work it currently operates on to the proof-of-stake protocol.

Prospective Price Increase

The crypto analyst, Jason Pizzino, spoke in a market report via his YouTube channel. Pizzino, who has more than 275,000 people subscribed to his channel, said the Ethereum price might hit a wall during the short and medium time when the Merge gets finalized. The Merge is finally expected to happen roughly one week from now after initial delays.

Pizzino stated further that he is worried that Ethereum might create a lower high level when the Merge happens. This will open the gates to price actions that will not favor the asset’s investors.

Pizzino said if the US Dollar and Ethereum relationship is examined, it will be observed that Ethereum just reached over the 50 Fibonacci retracement level. Basically then, the reality of what is seen with regard to price is that the price is still around $1,700. This is based on the former support line of the last bullish market trend.

Bitcoin Might Equally Fall

If Ethereum manages to hit the resistance at $1,700 and retraces afterward, Pizzino thinks bullish traders will have a lot of trouble as a result. He said the warning sign is the creation of a low at the top and it might cause some disaster in the short term. It might even extend to the medium term, which will be for weeks or months, depending on technical realities.

If there is a low at the top level and it gets through into some of the bullish events, even price trajectories are likely to lead downward at that level. As of the time of putting this report together, Ethereum sells at $1,648 as it adds almost 5% in the course of 24 hours. 

For Bitcoin, on the other hand, Pizzino said the top token could have a difficult month if it does not secure a significant support level. For him, if Bitcoin closes under $19,500, then the next significant line of support investors should watch is at $18,700.

As of the time of this report, Bitcoin is flat for the day as it trades at $19,731.

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