Ethereum Merge Could Create a Catastrophe!

One of the popular names in the crypto world, Ethereum He shared his predictions on how the ETH price might take shape once the blockchain officially transitions to a proof-of-stake (PoS) consensus.

With over 275,000 YouTube subscribers Jason PizzinoIn a new video he published, he thinks that ETH may experience a disaster in the short and medium term after the update called Ethereum Merge, which is expected to be completed in about a week.

Pizzino suggested that he is worried that ETH will form a lower top as the merger takes place, paving the way for painful price action for Ethereum investors.

“Ethereum priceLooking at the US dollar level, we closed above the 50 Fibonacci level. So basically the facts we see here in terms of price; Above 50 resistance level is still located at around $1,700 relative to previous support levels of the bull market cycle.”

If ETH encounters resistance at $1,700 and pulls back, Pizzino thinks the bulls could be in real trouble.

“The warning is forming a lower top than the previous high and I think it will be somewhat disastrous in the short term at least, but in the medium term it could have a problem period of weeks or months depending on the techniques.

If you get a lower high on some of these big bullish news, even the price patterns themselves tend to be even more bearish after this point.”

At the time of writing, ETH was trading at $1,648, up nearly 5% over the past 24 hours.

Making a brief analysis for Bitcoin price, Pizzino thinks that Bitcoin may have a difficult month if it loses an important support area. According to Pizzino, if BTC closes below $19,500 on the daily chart, the next support area to watch will be around $18,700.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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