A popular crypto strategist, EthereumHe underlined that the last rally of .
The analyst, nicknamed Rekt, stated in his post on his Twitter account that if Ethereum continues to stay above the support at $ 1,500, it will make a jump, but then it will resume a downtrend.
“If ETH gets a stronger following from this last successful retest of orange support, then ETH could rise and form a macro lower peak like in early 2021. This lower peak will occur at an average of $1,800.”
A lower macro is also known as an important detail, indicating that the trend is bearish and the bounce is likely to be short-lived.
rect He also noted that although Ethereum is trading between $1,500 and $1,800 as it was in March 2021, the reaction of ETH bulls highlighted the divergence in trend.
“But compared to early 2021, the response is not that volatile now. No candle was seen in the orange area to indicate a strong buy-side response.”
Michaël van de Poppe, on the other hand, believes that a catalyst could push Ethereum above $1,800 and change the prevailing opinion surrounding the leading smart contract platform.
“The Ethereum fork is taking place on September 6, and this creates a positive shift in expectations, increasing the odds of Ethereum Merge being successful. The script is still going as planned. I don’t want it to go below $1,350. If the strength continues, we may see above $2,000.”
Merge and The Merge is an update that will complete Ethereum’s transition from a proof-of-work consensus mechanism to a proof-of-stake mechanism.
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