JThe crypto space is poised for Ethereum’s upcoming transition from PoW to PoS and, in due course, the prices of some altcoins are expected to change significantly. There is no doubt that the price of ETH is set to skyrocket with the merger, but with ETH, two other altcoins look more promising.
Altcoins like Ethereum Classic (ETC) and Polygon (MATIC) are expected to start their upward trajectory just before the event.
Ethereum (ETH)
Ethereum price after the recent interest rate hike announcement had taken a huge bullish momentum as it surged above $1750. However, the bears quickly stepped in and reduced the price by more than 12%, forcing it to settle just below $1,700. Regardless of the current market sentiments, the mid-term ETH price looks quite bullish and should therefore rise and break the immediate upper resistance.
As the chart shows, the price of ETH is rising in an ascending parallel channel and very recently faced rejection. Therefore, the price of ETH may certainly not reach the lower support below $1500, but may make a strong rebound even if it drops below $1600. Furthermore, the RSI is also on the rise and hence the price may continue to wind up and reach the required target at the earliest.
Ethereum Classic (ETC)
Ethereum Classic has been getting a lot of attention lately as the transition is just around the corner. On the other hand, the trend holds within the parabolic curve, after which the price should hit the crucial resistance at $50. However, the bears use all their resources to limit the price to the downside, but they might not succeed eventually.
ETC price broke out of the lower support and formed a noticeable bullish flag. Further, the asset broke out of the flag and is currently consolidating, forming another bullish flag. Hence, looks set for another 55% rise to mark the levels above $55 very soon.
Polygon (MATIC)
The polygon price is oscillating in a pre-determined parallel channel and preparing to bounce off the lower support. The asset has formed a bearish pattern and hence is likely to take a break and hit $0.75. But the bulls seem to be strong and pulled the price out of the bearish divergence.
The MATIC price is swinging in an ascending parallel and after being rejected by the middle bands, the price quickly rebounded. Currently, the price is heading firmly towards the upper resistance and could eventually reach it if the bulls jump.
However, the upcoming merger is expected to induce significant bullish momentum and as a result, the prices of Ethereum (ETH), Ethereum Classic (ETC), and Polygon (MATIC) may spike significantly, testing their resistance. respective very soon.