The Ethereum price is coiling up ahead of the much-awaited Merger which is scheduled for Mid-September. This event has led to massive surges in the ETH, ETC, and other altcoin prices.
However, the crypto community is divided. While some believe that the prices are likely to crash soon after the event, other analysts consider it as an opportunity to flip the star crypto Bitcoin.
The Ethereum protocol is set to undergo a major transit from the PoW to PoS and hence the asset prices are also expected to be heavily impacted. On the other hand, Bitcoin continues to trade sideways, struggling to rise above $20,000. Currently, the asset is attempting the break out of a range and hence may flip Bitcoin soon.
After surging by more than 18% from the lows, the ETH price is now experiencing a slight bearish pressure as the prices drop below $1650. The recent upswing had compelled the price to break above the rising parallel channel but it appears that the asset may make it within the channel again. However, the asset is believed to reach highs around $1800 to $1900 but is expected to drop before the official Merger.
The analyst, il Capo of Crypto has always warned his followers about the short-term bounces the assets undergo to trap the bulls. Hence as per his predictions, Ethereum is currently undergoing a similar bounce where the bulls could be trapped close to $2000.
However, the Ethereum Merger is approaching is very close and hence the impact of the event on ETH and the other asset may turn the tables for the entire crypto space.