While just 18 days are remaining for the Ethereum Merger, the sentiments appear to have faded to a large extent. The ETH price is trying very hard to hold the crucial $1500 support zone for quite a long time, but the bears leave no room for the bulls to settle. Hence compelling the price to pull a significant leg down.
A couple of days before, the ETH price sliced through the lower support of the rising parallel channel and displayed the resurgence of a probable bearish trend. However, a famous analyst believes, Ethereum is returning home to hit $500 soon.
The analyst here refers to home as the lower support of the curved accumulation that the second largest crypto reached during each correction. The asset previously in 2016, 2017 & 2020 had reached these levels or plunged below these levels to mark the lows of the bearish cycle. Therefore, as per the analyst, the ETH price is primed to hit the levels around $500 in the coming days, which collides with the lower support of the curve.
Conversely, Ethereum Merger is now fast approaching with the official kickstart scheduled on September 06 with the Bellatrix update. The market sentiments were expected to coil up, uplifting the entire crypto space. Woefully, the bulls still appear to be trapped at the highs around $1700 and the ETH price seems to be poised to mark new lows before igniting a notable upswing.
Source: https://coinpedia.org/price-analysis/heres-where-the-analysts-mapped-the-upcoming-lows-for-ethereum-price-rally/