The Ethereum Merger turned out to be one of the biggest ‘Sell the news’ events as the ETH price suffered drastically immediately after the transition. If the raising market sentiments ahead of the Vasil Hard Fork mirrors the previous trend, then the second-largest crypto appears to be in extreme danger of plunging below $1000 soon.
Along with ETH/USDT, ETH has also dropped heavily against BTC which collectively points out the shift of focus of the investors of-let.
ETH/USDT Price Analysis
- The ETH/USDT price is closely following a similar pattern. After dropping from a symmetric triangle, the price is again traded within a newly formed symmetric triangle and also experienced a breakdown
- The trading volume has raised but the majority is shared by the sellers and hence the prices are expected to drop hard until the end of September.
- If continuing with the descending trend, the ETH price may reach the last point of defense at $1000 very soon
- However, the probabilities of the price dropping below these levels are high as the price may record the lows for 2022 at around $879
ETH/BTC Price Analysis
- The pair dropped by more than 25% after topping out at 0.085 BTC which also coincided with the crucial resistance levels.
- After the rejection, a couple of days before the ETH/BTC is heading firmly towards the first support levels at 0.06BTC
- Further, the ETH/BTC price could drop hard towards the lower support levels at 0.055BTC
- While the trade set-up for the asset appears to be completely bearish, a 10% to15% decline may be well in position ahead.