More Ethereum Price Drop Before the Merge? Range Predicted by Expert

The cryptocurrency community is intently monitoring changes in Ethereum pricing as the eagerly anticipated Ethereum Merge draws near. The Merge is scheduled on September 15 based on developers' most recent announcements, which makes it almost certain. The cryptocurrency saw tremendous volatility during the previous 45 days, with significant price increases and quick corrections. Recent highs for ETH were $2,000, compared to $900 lows.

Where Might The Price Of ETH Go Prior To The Merge?

Top traders in the community believe that Ethereum's history of high volatility is not always a bad thing. The Wolf Of All Streets podcast host Scott Melker expressed his tremendous long-term optimism for Ethereum. He continued by saying that he wanted to buy some ETH around $1,200. If the current level is broken, a decline to the $1,283 to $1,284 range is possible. He added that a price increase to the $1,690s could result in a decline.

Prepare for the merger

After the Merge, the Ethereum network will shortly switch to using Proof of Stake as its consensus mechanism. The network currently employs Proof of Work, another well-liked consensus mechanism. The update v22.8.1 for Mainnet users signalled the formal start of the Merge transfer. The Bellatrix upgrade and Merge transition configuration are made possible by the update.

As of this writing, the price of Ethereum (ETH) is $1,630, down 0.34% over the previous day, according to market monitoring website CoinGabbar. The cryptocurrency is down 14% on a weekly basis.