Many investors speculated Ethereum would hit $2000 after the upgrade, but the recent ETH price movement suggests it will continue the downward momentum for the next few months. The latest CPI report and FED interest rate hike influence the price of cryptocurrencies. Indeed, the Merge upgrade makes Ethereum more energy efficient, but it does not change the momentum of the ETH price.
The price of Ethereum, which was expected to regain the level of $2000, is now hovering around the $1400 mark. As a result, Ethereum lost its value due to this sharp fall. Interestingly trading volumes are at $16,373,015,374 for the last 24 hours, as suggested by the data on Coin Market Cap.
Many market experts believe Ethereum was in an uptrend due to the speculation in the market. There is a common proverb that buys on rumors and sells on the news- the Merge upgrade is no different.
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They also suggest that ETH may lose its value because Proof of Stake is not a highly decentralized consensus, but many investors are optimistic because ETH will remain the largest altcoin, and they are not expecting an immediate run-up after the Merge. Long-term investors should wait for the next few years before selling to get a good return from Ethereum.
In short, we think it is an ideal time to buy Ethereum for the long term and accumulate more coins in every dip. It is not a time for short-term gain, especially in this volatile market. You must keep a horizon of a few years because cryptocurrencies will rise when the situation stabilizes. Ethereum may lead the next crypto rally, so it is better to start investing systematically in Ethereum and get the benefits in the long run. For more detailed ETH price prediction, click here!
At the time of writing this post, ETH was trading around $1383, which has been in a downtrend in the last two months, even after the Merge upgrade. It has taken support at around $1250, but on the downside, Ethereum may fall to the level of $1000, which is a good time to buy the coin.
On the upside, ETH will face resistance at around $1600. It is tough to speculate the momentum for the short term because candlesticks are forming in the lower range of the Bollinger Bands, with the RSI around 40.
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After hitting an all-time high of $4891.7, Ethereum has been forming lower highs and lower lows, suggesting bearishness in the long term, but Ethereum is a popular cryptocurrency. It is worth investing for the long term, but it is not an ideal time to buy ETH with a short-term target.
