Ethereum Merger is a few hours away with less than 4000 blocks to be mined to hit the trigger. The ETH price continues to be under bearish influence as the prices fail to surpass the pivotal zones around $1627. Therefore, the majority of the asset carries on with the consolidated trend that began in the early trading hours.
The Ethereum funding has gone mega-negative, while the Bitcoin rate has spiked at the same time. Therefore, the spread between both of the figures has reached the ATH of 77% annualized. As per the report from Glassnode, the traders are heavily shorting ETH relative to BTC.
Therefore, a significant hedge or plunge is expected to occur alongside the Ethereum Merger, while the ETH/BTC could drop heavily soon. Considering the ETH/USDT, the price is facing equal pressure on either of the sides and hence possesses both the possibility of an out-break towards the north or south in the coming times.
After experiencing excessive pressure, if Ethereum (ETH) price breaks out of the consolidation, then may the pivotal zones at $1627 and eventually enter the resistance zone between $1668 & $1677. Conversely, if the price fails to hold on to the support, it may drop hard to test the immediate support at $1558.
The Ethereum price could rebound at these levels, & if failed to do so, may drain into a deep bearish well.
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