T Ethereum price failed to regain levels above $1500 after a strong rejection at $1509 over the weekend. Currently, the second-largest cryptocurrency is closer to making a daily low that could be below $1,400 in a long-term bearish trend. However, the asset is sure to bounce back, maintaining significant consolidation, but the path to $1,000 seems imminent.
The most anticipated event, Ethereum
Ethereum Blockchain Networktechnology 
Followers: 0 checking data MERGE’ is rapidly approaching. Not long after the Goreli testnet successfully switched to PoS, the ETH price surged to $2,000. However, the effect was still very short-lived, as the price fell sharply later.
The downtrend is expected to continue until the consolidation, as one popular analyst believes ETH price could hit $1,000 on the day of the consolidation.
According to the analyst, the bearish trend of the asset is due to the influence of “buy the rumor and sell the news”, the analyst believes that ETH bulls have left the rally, so he believes that the asset may be before the merger will reach $1000.
Currently, the Ethereum (ETH) price is hovering around $1488.37 after a weekly drop of 8.08%, with a 24-hour gain of 1.10%. The market cap is still around $181 billion, and the circulating supply is $122 billion.
Therefore, the upcoming monthly close could be extremely important for the price of Ethereum (ETH). As the consolidation process begins on September 6, 2022, a close above $1,500 could pave the way for a notable rise to key resistance at $1,700.
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- Sahana Wibut
A passionate cryptocurrency and blockchain author qualified to report on every event in the crypto space an event. Studying tiny events and bringing new insights is the main focus of my assignment.
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