Investors Worried as Ethereum Continues Downfall Ahead of the Merge

The crypto market has surprised the investors as they expected an Ethereum price rise ahead of the mid-September merge. Investors have witnessed great unpredictability in the crypto market in the last one and a half months. Ethereum, the world’s second-largest cryptocurrency, showed great promise before succumbing to market pressure. CoinGape reports that Ethereum’s price touched the $2,000 mark during the consolidation phase. However, the present bearish scenario has pulled back the price, much to investors’ anxiety. Several short-term sellers hoped to benefit from Ethereum’s price rally ahead of the Merge, but the crypto market has other ideas.

Ethereum price prediction before the Merge

CoinGape reports that analysts believe in Ethereum’s rebound and will offer huge returns in the long run. CoinGape quoted Scott Melker, host of The Wolf of All Streets podcast; he was hopeful of Ethereum’s favorable market scenario in the future. He said, “If we get a drop to $1,284, I would be very excited about Ethereum. That is still 50% up from the lows of $800. Even at the current $1,600 level, it is double the recent lows. I don’t see this as a bearish trend for ETH compared to Bitcoin.”

Ethereum’s future and the Merge

The Merge will be a historic moment for Ethereum developers and investors. The Ethereum network will transform into the Proof of Stake post the Merge; the Merge announcement followed the release of the update v22.8.1 for the Mainnet users. The upgrade enables the Bellatrix version and Merge transition configuration. CoinGape reports that Ethereum trades at $1,623.61, a 0.34% decrease from the previous day’s price. Ethereum has fallen 14.32% during the last week. Investors eagerly await Ethereum’s price redemption to start a long-term investment. However, the future market scenario remains highly unpredictable.