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24 days until the Ethereum merger, will it be another “buy rumors, sell news” event?

The Ethereum network is preparing for a merger this September to align with the wider Ethereum community. While the price of ETH was on track to reach an initial target above $2,000, last weekend’s slump suppressed the possibility of reaching those levels. Previously, the asset has shown a counterfeit that appears to repeat the current price action.

The second-largest cryptocurrency gained significant bullish momentum and reversed its bearish trend shortly after bottoming in mid-June. The asset held above lower support levels as the bars dominated the rally, showing its strength. However, with the merger less than a month away, the asset fell sharply.

ETH price is currently fluctuating within an ascending triangle. While the asset was at the peak of its consolidation, bears dominated the rally and dragged prices lower, breaking key support levels. Currently, the price is trying to re-enter the triangle and continue to rebound from resistance.

In general, Phase 0 of ETH 2.0, the price of ETH before the launch of the Beacon Chain, surged and fell immediately after launch. ADA prices followed a similar trend ahead of Cardano’s Alonzo Hard Fork. As a result, crypto enthusiasts speculate that a similar move could happen ahead of the Ethereum merger in September.

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