<\/p>\n
Veteran futures trader Peter Brandt has suggested that the price of Ether (ETH) could drop to as low as $1,268 in the coming month, but the consensus view of 15,500 members of the CoinMarketCap community is that the price will hit roughly $3,131 by June 30. <\/p>\n
The Ethereum network is now in the final steps of its long-awaited Merge with the Beacon Chain and switch to proof-of-stake, with developers confirming on June 8 that they successfully completed the Ropsten testnet merge.<\/p>\n
\nThe Ropsten testnet has now been merged!<\/p>\n
What a historic and thrilling day for the Ethereum community and what a thrilling day for<\/p>\n
Next up, 2 more public testnet merges and then mainnet<\/p>\n
The Merge is coming <\/p>\n
\u2014 sassal.eth (@sassal0x) June 8, 2022<\/a><\/p><\/blockquote>\n
While the timeframe has often been subject to delay, the Merge is slated to go live around August if all goes to plan. The switch to proof-of-stake will massively decrease the energy consumption of the Ethereum network while also improving its security. <\/p>\n
The price of ETH has barely responded to the latest encouraging developments however and is down 1.7% over the past 24 hours to sit at $1,788 at the time of writing. <\/p>\n
Brandt has been trading since 1975 and has gained attention of the crypto community in the past by predicting some of Bitcoin’s historical heights and crashes. <\/p>\n
If the bearish scenario he outlined for ETH comes true, it would mark a further 29% drop this month. <\/p>\n
On June 7 Brandt highlighted a month-to-month chart from April to June to his 648,000 Twitter followers, and noted that the rest of June could be rough for Ethereum if the market sentiment doesn\u2019t turn significantly: <\/p>\n
\u201cClassical charting 101 This is a POSSIBLE descending triangle. A downside completion, unless immediately nullified, would not be constructive.\u201d<\/p><\/blockquote>\n
\nClassical charting 101<\/p>\n
This is a POSSIBLE descending triangle. A downside completion, unless immediately nullified, would not be constructive$ETHUSD<\/a> pic.twitter.com\/33kOZK4tjF<\/a><\/p>\n