As of now, Ethereum (ETH) seems to be in a troublesome situation just like the rest of the cryptocurrencies. However, the situation may change for Ethereum given the fact that it is about to be upgraded soon.
The confidence of the bulls is gradually increasing as the date of the Merge deployment approaches. The situation of Ethereum on May 18 and 19 shows that the bears had it under control.
They had driven its price down to the $1,940 mark and were trying to capitalize on it. As the bulls are getting ready for the Merge, they did not let the bears do as they pleased. They met them with stronger buying force at the dips to push against them.
With a strong buying force, the bulls were able to push Bitcoin up to $2,159. Surprisingly, the bulls were not able to maintain their buying force for a long time. Despite hitting the $2,159 mark, the bulls were not able to cross the particular benchmark.
ETH’s Possible Plunge to $1,700
For now, it has become clear that the bulls will not be allowed by the bears to move their price higher. Although the bears are letting the bulls push ETH’s price to $2,159, they are not letting them elevate its trading price higher.
For now, the bears have adapted the strategy where they are not letting the bulls build up a lot of force. They are pulling ETH’s price lower with strong selling whenever the bulls have formed a rally.
Now, ETH is below the uptrend line and it is highly likely to move into the bearish zone. The ETH/USDT pair is going to move on the downward trend line. It is predicted that the downtrend may not last when it gets pulled down to $1,905.
Once there, the bears may continue beating the bulls into giving up their strong support positions. As the bears continue pressing, the bulls may continue narrowing down to further supporting territories. If that happens, then EHT is expected to fall down to $1,700.
How the Situation May Become Bullish?
While the situation remains bearish, the bulls are waiting for the right time to make their presence known. Just recently, VitalikButerin, the co-founder of Ethereum announced that they will be implementing Merge in August.
It is a long-awaited hard fork that aims to change the overall dynamics of Ethereum. The first major change would be the implementation of the proof-of-stake consensus. The Merge is also aimed at improving the scalability, and transaction speed, and making the transaction fees more efficient.
As the date of the Merge draws near, the bulls will gain more confidence. This would allow the bulls to push through the strong resistance benchmarks of the bears and push ETH’s price to $3,000.