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Ethereum is coming into heavy resistance north of $1,900 because the cryptocurrency makes an attempt to push additional into beforehand misplaced territory. Today, ETH core builders introduced a tentative date for the upcoming “Merge” occasion set for September 15 to 16, 2022, which may bolster bulls’ makes an attempt to climb greater.

At the time of writing, Ethereum’s (ETH) worth trades at $1,888 with 3% earnings within the final 24 hours and a 17% revenue within the final week.

“The Merge” is the occasion that may full Ethereum’s migration to a Proof-of-Stake (PoS) consensus. It’s one of the crucial extremely anticipated occasions within the house as a consequence of its implications for the worth of ETH, and one of many most important explanation why the bullish momentum may lengthen within the coming months.

Analyst Michaël van de Poppe said the next on “The Merge”, its short-term implications for the crypto market, and why ETH’s worth may proceed to see bullish momentum:

Honestly, Ethereum is the precise asset that’s carrying the markets, as some FOMO is beginning to get some grip on the markets with the merge and ETH 2.0 developing. Through that, anticipating to see $ETH proceed in the direction of $2.5K and $BTC in the direction of the $30K area within the coming month.

Some market members are questioning if “The Merge” will function as a “buy the rumor, sell the news” occasion. In different phrases, whether or not Ethereum will rally into September solely to see a pointy decline after the hype across the occasion mitigates.

As NewsBTC reported earlier, the market is displaying indicators that might assist this concept. In explicit, the shortage of accumulation from massive traders, and Bitcoin lagging behind the remainder of the crypto market.

Traders is likely to be extra assured a couple of potential sustainable worth motion if Bitcoin and Ethereum transfer in tandem with assist from whales. In the meantime, uncertainty will stay king.

What Could Push Ethereum Higher Before “The Merge”

Former CEO at BitMEX Arthur Hayes shared a shift in dynamics for ETH futures contracts. The worth of those funding devices have been lagging the spot market.

Hayes speculated that that is occurring as a result of there are numerous merchants hedging their place earlier than “The Merge”. If the occasion is profitable, and establishments have taken a impartial lengthy place on Ethereum with retails growing their shopping for strain, a sequence of occasions may contribute to a extra bullish continuation for the worth of Ethereum:

(…) the strain is on the purchase facet, and market makers are quick futures and should go lengthy spot. A reversal of their positioning pre-merge. This is a optimistic suggestions loop that results in greater spot costs ought to the merge go easily on Sept fifteenth. If you consider the merge goes to succeed, then that is one more optimistic structural cause why $ETH may hole greater into the top of the 12 months.