As described in our last month’s Ethereum price prediction, the price has perfectly met our pre-merge target. After piercing through the psychological level of $2000 last week, the ETH price retracted to $1850. However, the dip appears to be bought once again as the price is now trading at $1942.
Cryptocurrencies started the week with a negative Bitcoin price action. Most altcoins faced minor pullbacks as some technical indicators appeared to be exhausted. Nevertheless, the markets are back in green on Wednesday morning, with BTC and ETH prices almost back on track.
Ethereum price surged to its 3-month high on the news of the developers successfully testing the merge on the Goerli test network. This development has significantly increased investor interest as it suggested that the Ethereum 2.0 upgrade might go live as soon as September 15.
According to Ethereum news, the project developers have indicated the tentative Total Terminal Difficulty of 58,750,000,000,000,000,000,000 for the merge. This has further increased the volatility in the price of the second biggest crypto asset. While many analysts think that the price could go as high as $3000 before the upgrade, it is also very likely that we will witness a sell the news event.
Ethereum Price Prediction
A look at the ETH USD chart depicts a formation of a rising wedge. While the price might continue to rise in this channel for quite some time, a breakdown would be very ugly. After successfully reclaiming the $1905 price level, the native asset of the biggest smart contract platform appears to be heading towards its 200-day moving average. The 200-day MA and 0.5 Fib retracement level coincide at the $2247 region.
If the bulls get enough momentum before the merge, the Ethereum price prediction of $2643 also appears to be within reach. This level lies at the 0.618 Fib retracement zone when connecting April high to the June low. You may trade this setup on top crypto exchanges like BYBIT and Binance.
ETH Analysis By S&R Levels
Trading cryptocurrencies could be overwhelming for many new investors. Subscribing to InvestingCube’s Premium S&R Levels gives you a clear edge in the market by keeping you updated on all the new trades. Currently, the indicator is suggesting a long position when Ethereum price hits $1825. The take profit targets for this trade are $2000 and $2150.