Rudy Fares
After another short consolidation, cryptocurrency prices soared by more than 7% in the past 24 hours. While Bitcoin managed to increase by around 6%, Ethereum prices doubled their gains and reached the important price of around $1,850. In our previous price prediction article, we did place this specific short-term target for Ether 😉 In this Ethereum price prediction, we’re going to see where will prices head before the merge. Can you still buy ETH? Will Ethereum reach 2000 $ before the Merge?
What is the Ethereum Merge?
Cryptocurrencies are all about decentralization. The Ethereum MErge is a huge step in that direction. Ethereum is a decentralized platform that runs smart-contracts: simple, automated transactions between parties. These contracts are self-executing without a need for a middle man, like a bank or PayPal.
The proof-of-work consensus is what allows the Ethereum blockchain to function right now. In essence, it controls every transaction on the blockchain via a complex process. The merging reflects the implementation of the considerably more sustainable proof-of-stake consensus.
Ethereum Price UP: on the MOVE?
Ethereum prices crashed hard following the 2022 bear market. Prices briefly reached a low of around $820 before going back to the psychological price of $1,000 per ETH. From there, we saw an extended consolidation that lasted for around 1 month between the prices of $1,000 and $1,250. However, once Ethereum managed to break out of this consolidation, we expected prices to reach the next target of around $1,850. This is exactly what happened today.
Looking at figure 1 below, we can clearly see why this area is very important for Ethereum. In fact, this was a very strong support price area for ETH. Now that we reached this level, we need to look at what might happen next, specifically before the Merge.
Ethereum Price Prediction – Will Ethereum reach 2000 $?
It is quite obvious that Ethereum prices are eyeing the psychological price of $2,000. Now that Ethereum reach the new consolidation phase, we expect that prices would consolidate again. We should see a breach of the $2,000 price area, but we expect another consolidation higher between $2,000 and $2,200. Looking at figure 2 below, we can see a potentially repeating pattern with prices.
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