The Ethereum price is displaying some strength as it has regained the value above $src500 in a very short timeframe
While many technicals point towards a notable upswing ahead, the erratic behavior of the price is contributing to excessive skepticism in the space
This is an important time for Ethereum as the final phase of the merger will begin on September 06, and it is believed that the ETH price may surge with decent margins as the market sentiments for the asset are coiling up.
While many believe the present upswing is nothing but a short squeeze that will eventually result in a huge price drop ahead. However, squashing the bearish trajectory, a popular analyst, Micheal van de Poppe, believes the ETH price may hit $2200 post the Merger.
🔥 – #Ethereum fork happening on the 6th of September, which increases the odds of the Merge to be a success -> sentiment changing.
The scenario still going as planned, I don’t want it to drop sub $src,350.
If strength continues -> $2,200 next. pic.twitter.com/Aw2KyNPUKW
— Michaël van de Poppe (@CryptoMichNL) August 30, 2022 The analyst says that the market sentiments are turning positive as participants are awaiting the merger and expect the event to uplift the crypto space from bearish captivity. There are a couple of situations that may arise for the asset ahead.
The asset, amid the current upswing, may continue to rise high and hit $src600. It could even drop heavily to hit $600. The grey area is that could maintain a slight upswing towards $src770 and further plunge heavily after experiencing a notable rejection.