Ethereum Prints Modest Losses, Consolidation Before Next Big Breakout?
22 July 2022 - 8:59AM
NEWSBTC
The future of the second-largest cryptocurrency is hampered by the
US dollar index’s recovery. On Thursday, the price of Ethereum
(ETH) showed just slight decreases. Ethereum Consolidates On July
21, price movement in the cryptocurrency market as a whole was
mostly muted as traders took a day to digest recent gains and book
profits after the strongest relief bounce since early June. The
Ethereum Merge has remained at the top of the list despite rumors
regarding what sparked the recent spike. After a preliminary date
of Sept. 19 was chosen for the mainnet Merge, the market rally
accelerated. The price of Ether (ETH), which reached a high of
$1,620 on July 20, retraced to a low of $1,463 in the early trading
hours of July 21, according to TradingView data, and has since
recovered back above support at $1,500. ethereETH/USD back around
$1,500. Source: TradingView Following the initial price spike
caused by the Merge news, here is what various analysts anticipate
will happen as Ether’s mainnet switch to proof-of-stake draws near.
Market analyst Rekt Capital posted the following chart showing the
significance of Ether’s weekly finish over $1,300 and subsequent
rise higher, describing the retreat on July 21 as a good
development. Rekt Captial said: “Though #ETH could just continue
higher to reach the upper orange region, it would be healthier for
ETH to dip. Such a retest of the lower orange area would only
increase probability of continuation.” With this outlook in mind,
the pullback on July 21 raises the prospect of a rise to $1,700
soon. Related Reading | Ethereum Merge: How ETHBTC Could Hint At A
Return Of Risk Appetite Vitalik Hints At Future Of ETH The
co-founder of Ethereum detailed his plans for future developments
on Thursday at the Ethereum Community Conference in France that go
far beyond the network’s switch to proof of stake. The
upgrade—often referred to as “the merge” since it will integrate
the Ethereum mainnet with the proof-of-stake beacon chain—is
actually the first in a series of modifications that are being
planned. Ethereum will then go through additional improvements that
Buterin refers to as the “surge,” “verge,” “purge,” and “splurge”
after the merging, which he believes is extremely close because
“the only thing left to do is do a merge on Ropsten [test
network],” he said during the conference. Buterin mentioned a goal
to strengthen the Ethereum network being the reason behind the
network continuous updates. Ethereum will only be about 55%
complete after the integration, which is anticipated to be finished
this September. The surge is due to the addition of Ethereum
sharding, a scaling solution that, according to the Ethereum
Foundation, will make layer-2 blockchains even more affordable,
reduce the cost of rollups or bundled transactions, and make it
simpler for users to run nodes that protect the Ethereum network.
Buterin added that following the spike Related reading | Ethereum
Cruised Past $1500, Is There A Possibility To Retrace To $1200?
Featured image from Shutterstock, chart from TradingView.com
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