Ethereum pierced through the psychological level of $2000 last week, the ETH price retracted to $1850. However, the dip appears to be bought once again as the price is now trading at $1942.
Cryptocurrencies started the week with a negative Bitcoin price action. Most altcoins faced minor pullbacks as some technical indicators appeared to be exhausted. Nevertheless, the markets are back in green on Wednesday morning, with BTC and ETH prices almost back on track.
Ethereum’s price surged to its 3-month high on the news of the developers successfully testing the merge on the Goerli test network. This development has significantly increased investor interest as it suggested that the Ethereum 2.0 upgrade might go live as soon as September 15.
According to Ethereum news, the project developers have indicated the tentative Total Terminal Difficulty of 58,750,000,000,000,000,000,000 for the merge. This has further increased the volatility in the price of the second biggest crypto asset. While many analysts think that the price could go as high as $3000 before the upgrade, it is also very likely that we will witness a sell the news event.
ETH/USD Long (Buy)
Enter at: 1920.43