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Ethereum (ETH) Price May Plunge Below $1,000 if This Happens

Sun, 08/28/2022 - 09:34
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Alex Dovbnya
Things could get much worse for the Ethereum price ahead of the merge upgrade, according to trader Scott Redler
Ethereum (ETH) Price May Plunge Below $1,000 if This Happens
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In a recent tweet, T3 Trading Group's Scott Redler believes that Ethereum, the second-largest cryptocurrency, could be on track to plunge below the $1,000 level.

According to Redler, such a bearish scenario will play out if the S&P 500 index retests June lows.

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On Aug. 14, the price of the second-largest cryptocurrency peaked at $2,031 on the Binance exchange. The upward move was attributed to the growing excitement surrounding the upcoming merge upgrade.

However, Ethereum’s impressive rally quickly came to a grinding half, with the Bitcoin competitor retracing virtually all of its recent gains.

Redler claims that the second-largest cryptocurrency took a bearish turn after it broke the ascending channel around the $1,815 level.

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After bulls failed to take advantage of another bounce opportunity that was presented earlier this week, a bear flag formation appeared on the chart, and it resolved lower.

As reported by U.Today, Redler tweeted that the Ethereum price would be able to touch the $2,100 level in early August.

In early June, he correctly predicted that the price of the second-largest cryptocurrency would plunge below the $1,400 level.

At press time, the price of Ethereum is changing hands at $1,490 on the Binance exchange after slipping to an intraday low of $1,475.

The cryptocurrency remains under strong bearish pressure despite the fact that the merge upgrade is expected to take place in just a few weeks from now.

As reported by U.Today, billionaire Mark Cuban recently said that he was “super bullish” on Ethereum ahead of its transition to proof-of-stake because its energy consumption will be reduced dramatically.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at