ETH price prediction: Gareth Soloway has made some price predictions for ETH following the Merge, due to happen on September 15, 2022.
Gareth Soloway is a well-known trader with a Twitter following of 154,000 crypto enthusiasts. Yesterday he was asked the question on everyone’s lips: What will happen to the price of ETH after The Merge?
He replied that the Ethereum situation is interesting going into The Merge. “I think the biggest thing for me going into The Merge is, can it go smoothly? And for the whole crypto sector, I think this is a big test. A lot of people are sitting on the sidelines and saying, okay, this is the biggest thing we’ve had in crypto in a while. Can they pull it off without a hitch?”
ETH Post Merge
Soloway says that if The Merge happens without friction, it will be a confidence builder for the crypto community.
Soloway says buying ETH now is a risk. “If things don’t go well, you could see a dump in Ethereum’s price. However, I’m of the belief that they’ve prolonged The Merge to double check, triple check, quadruple check that it’s going to go smoothly.”
If The Merge goes well, Soloway says in the short term he is bullish. “Once you get outside of that, then I would be very careful. I wouldn’t be someone who would be buying on the completion of The Merge.”
ETH Price Prediction Long Term
Soloway also expressed his long-term view. “I’m very bullish longer-term on Bitcoin and on Ethereum. I’m very very bullish on the longer term. I think this is exactly what the crypto market wants – a deflationary asset which also has this massive use case. And I think it actually has a chance longer-term to rival Bitcoin’s market cap.”
However, for now, Soloway says that Ethereum offers a higher risk than Bitcoin. “If someone said to me, you got to pick one, I’m probably going with Bitcoin for safety purposes. I think if you’re playing with money you can afford to lose, you go with Ethereum.”
Soloway says that after The Merge, there are a lot of events that could possibly spook the price of ETH. These include regulation obstacles, or if China invaded Taiwan. “Risk assets immediately would freak out.”
Soloway asks people to learn how to read charts because when there is greed, insanity or fear, it usually marks a pivot point. “You never want to be someone that’s a chaser. You always want to be a leader. And so, you buy when the price is down, and you sell when it’s up. So you never want to buy when the price is already sky high, assuming it will go higher. Now, does that mean you sometimes miss some trades that go higher? Sure it does. But again, preservation of capital is how real wealth is built.”
ETH Price Prediction for the End of This Year
So what is Solway’s price prediction for December 31, 2022? “I’m going to say it’s going to be $1,000.”
However, long term, Soloway has a different prediction. “I think in five years, you could be easily looking at $20,000 for Ethereum. I think, again, the next couple years are going to be the tricky years for all of crypto, especially Ethereum.”
Soloway also said that in the next bull run, “Big money will be going after both Bitcoin and Ethereum and that’s going to be the game changer for price, which will go up fast at that point. I think this is the new frontier and it’s here to stay. It’s just like the internet was, and just to remind people, the dot com bubble collapsed. But we all use the internet and our phones – we are hooked. That is what crypto is going to be.”
Post Merge price action
Following Ethereum’s successful Merge, the price took a nosedive and is currently trading at under $1,400 at the time of this update. Soloway commented on the post-Merge price action, saying “The great merge was a classic ‘sell the news’ event. Watching the key $19,500 level again on BTC. Has never confirmed below. Once it does, small support at $17,500, if that breaks…. $12,000-$13,000.”
The veteran trader has not been wrong in terms of bitcoins price action, which saw its price hit $18,500 just several days after the Merge was completed.
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