Price Analysis

Ethereum Second Merge Test to Ignite a Strong Uptrend Beyond $10,000 Soon! But How?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 21, 2022

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Highlights

    Ethereum price remains within stable positions as the price maintains strongly above $3000, attempting to smash $3100 at the earliest

    The price however hives above the crucial moving average levels but eventually needs to uplift above certain pivotal levels to certify the bullish trend

    On the other hand, the asset moves closer towards the much awaited merger event and hence the analyst predict the price to go higher very soon

Ethereum development activity appears to be at its peak as the merger preparations are skyrocketing. Recently, the developers accomplished the essential take towards the Merger and scheduled Saturday’s date for the mainnet shadow fork. One of the developers of the Merger, Lion Dapplion shared a glimpse of their testing war room which came out to be a success. 

The shadow fork in simpler words is the teaser of the entire picture which is yet to happen. The Ethereum shadow fork enables the developers to do the changes required, without touching the mainnet. In the other words, the shadow fork is nothing but the testing of the merger within a restricted environment. 

With the activity intensifying within the war room, the whales also seem extremely bullish on this transition. Also, the Ethereum community is growing larger and larger as nearly 60 new addresses with a balance of more than 10,000 ETH have joined since March. And hence citing the upcoming upgrade, a popular analyst believes the ETH price may skyrocket to $10,000 soon. 

Ethereum (ETH) Price Displays Bullish Divergence

Ethereum remained well elevated above $3050 despite it breaking down from the $3130 resistance levels. The price also tested the levels above $3170 for a while, when the bears dragged the price lower. Currently, the ETH price is ranging towards the north which may enable the asset to test the initial resistance level seen near $3130. 

The second-largest crypto maintains its trend closely within the rising parallel channel including a couple of fakeouts on either side of the channels. The ETH price appears to move strongly toward the initial resistance levels and eventually aim at the levels beyond $3250. Sustaining above these levels may test the crucial levels between $3280 and $3320 by the end of Q2 2022. 

On the contrary, if the ETH price fails to ignite a suitable upswing, then it may tremble at the resistance levels, $3130. Further, a notable downswing could drag the price below $3000 to test $2868 levels in n time. However, it may be yet again an interim one, as the PoS-PoW merger may turn the tables for the Ethereum(ETH) price. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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