After rising by 50% in less than a week, the price of ether has stabilised around $1,630.
After experiencing gains throughout the week, the price of Ether (ETH) has become stagnant at $1,630. Expert crypto analysts suggest investors to withdraw temporarily alongside rallying into the month of September. Merge, a mainnet, is expected to take place during that time.
A Big Relief Rally
On July 21, traders and investors alike dedicated a day to book profits and consume their gains last week. This was a direct consequence of the price action that hit the entire digital asset industry. The price action rally has been the biggest one since the month of June.
While experts are still speculating the trigger for the latest rally, ETH Merge has continued to rank at the top of the digital asset list. After the announcement of the mainnet Merge launch (tentative date: September 19), the rally took a sharp upturn.
As a result, on July 20, ETH hit the $1,630 high price level. However, the very next day ETH price fell to $1,463. Since then, Ether has gained some points and is currently trading at $1,500.
Ether’s Price Fall is Actually Good?
According to some crypto analysts, the pullback in the price of Ether is a beneficial development. Even though Ether is capable of trading at higher prices, the recent price dip is much better for the cryptocurrency. Additionally, the price fall predicts a trading level of $1,700 for ETH very soon.
Investors and traders have been alerted to watch out for further dips in Ether. The digital asset is expected to find correction under the $1,440 price level and may continue to fall to $1,200.