Based on the Elliott Wave analysis, Ethereum is forming a zig-zag pattern in the cycle from the mid-June low. In the first leg up (wave A), the price shows a five-wave price structure. Then the price has retraced in wave B bottoming at the $1,424 low.
The current price action structure suggests ETH's price is calling for further strength as long as the $1,424 low holds the downside. It may be that post-merge, ETH's price will surge to complete wave C of the zig-zag pattern.
Wave C should have the same internal 5-wave price structure as wave A, which, if it transpires, should call for further strength above the $2,000 psychological level.
Looking forward: The next big hurdle once the $2,000 level is cleared is the 200-day simple moving average, which currently stands at $2,080. If wave C equals wave A, we can potentially see ETH's price hitting $2,500 during the current bull run.
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