The Ethereum Merge is welcomed and largely considered a success by the crypto community, but it failed to bring bullish sentiment for Ethereum in the price graph. Ethereum continues its bearish momentum even after its revolutionizing transition to PoS. However, a popular crypto analyst who predicted Bitcoin’s bullish momentum now assures that Ethereum is in the final stage of its bearish phase before skyrocketing to $2,000.
Ethereum Eyes For $2K
Crypto strategist Smart Contracter suggests that Ethereum will continue its bearish momentum and drop further to $1,200 before making an upward movement to $2K.
The Ethereum Merge pushed ETH’s price to $1,643, but it was for a short period as Ethereum quickly plummeted below $1,550.
Smart Contracter is a well-known crypto strategist in the crypto space. He is one of the best practitioners of the Elliott Wave theory, a technical strategic approach that aims to find the future price of a cryptocurrency depending upon the sentiment of the public or crowd that builds the price momentum.
Bulls Will Be Back Soon!
Ethereum is currently forming a C wave in the price graph, and it is expected that ETH will soon start an upward rally following further analysis. According to CoinMarketCap, Ethereum is currently trading near $1,422, a drop of nearly 4% from yesterday.
Last month, Ethereum was trading near $1,600, and Smart Contracter predicted that Ethereum would make a bearish momentum at a high of $1,800, which turned out to be correct.
The analyst stated, “Looks like the larger ABC correcting the five-wave rise has begun on ETH. This looks like an A wave, for now, expecting a bounce that ends up being a lower high soon. $1,300 is still the spot to look for buys, in my opinion, provided the structure looks right when we get there.”
However, following the merge, Ethereum saw a significant sell-off (700K ETH) which might be the main reason behind this fall. The Ethereum merger has created panic and selling pressure among investors; however, it is expected that ETH will soon recover from it and make a bull run to $2,000.
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Source: https://coinpedia.org/altcoin/ethereum-bearish-blues-to-end-soon-heres-the-timeline-when-eth-price-will-start-bull-run/