For a while now, the Ethereum community has been eagerly awaiting the Merge. However, the community might be experiencing yet another development as a result of this network-wide upgrade. The majority of the crypto community did not appear to take this well. Although it is unclear how the ETH miner-led hard fork will fare, a number of platforms have shown their support. Amidst all this havoc, ETH seems a little inclined towards the bear market.
In a recent tweet, Scott Redler of T3 Trading Group expressed concern that Ethereum, the second-largest cryptocurrency, might be headed for a decline below $1,000.
According to Redler, if the S&P 500 index tests its June lows once more, a negative scenario will take place.
The second-largest cryptocurrency reached its all-time high on the Binance market on August 14 at $2,031. The increase in popularity was related to the increased anticipation for the impending merge upgrade. The Bitcoin rival, however, immediately saw almost all of its recent gains reversed as Ethereum’s stunning climb came to a grinding halt. The second-largest cryptocurrency, according to Redler, allegedly became negative after it broke the rising channel near the $1,815 mark.
A bear flag formation developed on the chart and resolved lower after bulls missed an additional rally opportunity earlier this week. Additionally, Redler tweeted that early in August, the price of Ethereum might reach $2,100. He correctly foresaw that the price of the second-largest cryptocurrency will go below the $1,400 mark in early June. After falling to an intraday low of $1,475, the price of Ethereum is currently trading at $1,490 on the Binance platform as of the time of publication. Despite the fact that the merging update is anticipated to happen in just a few weeks, the cryptocurrency is still under significant bearish pressure.
Mark Cuban is bullish on Ethereum
With signs of ETH seeming bearish, Mark Cuban says otherwise.
In a recent interview with Fortune, “Shark Tank” star Mark Cuban expressed his continued “super bullishness” on Ethereum, the second-largest cryptocurrency by market value.
The merging update would significantly reduce Ethereum’s energy consumption by a factor of 1,000 and is anticipated to happen in less than a month. This, according to Cuban, is a “significant” factor that might support the bull argument for Ethereum. Nevertheless, the wealthy man held back from offering any specific price forecasts since he is unsure of how the cryptocurrency’s price will respond in the near future to the merging update. Cuban thinks there will be enough applications to propel the second-largest network’s growth.
At the same time, Cardano, one of Ethereum’s primary rivals, continues to inspire Cuban great scepticism. Despite the fact that smart contracts have been available for more than a year, he recently stated that Dogecoin was more beneficial than Cardano.