Ethereum successfully Merged its mainnet to a Proof-of-Stake consensus mechanism, gaining mainstream attention for “going green”. Directly after the Merge, ETH Miners switched to mine Ethereum Classic (ETC) and the very first NFT was minted on Ethereum’s PoS chain.
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Bitcoin (BTC) started the week with a nice succession of higher highs, had a major pull-back a day before the Ethereum Merge, and ended the week up 2%. Higher than expected consumer prices in the US caused market uncertainty in crypto as well as stock markets, and FUD surrounding Bitcoin’s energy-intensive PoW consensus mechanism intensified as Ethereum reached its epic PoS milestone.
Post-merge Ethereum had a massive price decline but saw the price bounce off support levels.
The bounce was essential in confirming the support levels of this newly formed descending triangle, which could set the tone for the next month to come.
Just as with Bitcoin and the entire crypto market, Ethereum is sitting under the 240 EMA.
It would take about a 40% push from the current price to get to the 240 EMA; odds are, we're going to have to wait for the EMA to meet us. We're far away from a bull market!
Right now, the future for Ethereum looks promising.
All the Ethereum maxis proclaiming that a great flipping is on the horizon should take a look at the macro ETH/BTC. ETH may be gaining on Bitcoin, but it currently is in a symmetrical triangle.
A volatile week for Ethereum and alts with ETH down 10% and the overall market in a down cycle leading into the Merge. Ethereum transactions on major exchanges like Binance were halted directly before the Merge was set to take place, and then set live again shortly after.
Bitcoin (BTC) started the week with a nice succession of higher highs, had a major pull-back a day before the Ethereum Merge, and ended the week up 2%. Higher than expected consumer prices in the US caused market uncertainty in crypto as well as stock markets, and FUD surrounding Bitcoin’s energy-intensive PoW consensus mechanism intensified as Ethereum reached its epic PoS milestone.
Post-merge Ethereum had a massive price decline but saw the price bounce off support levels.
The bounce was essential in confirming the support levels of this newly formed descending triangle, which could set the tone for the next month to come.
Just as with Bitcoin and the entire crypto market, Ethereum is sitting under the 240 EMA.
It would take about a 40% push from the current price to get to the 240 EMA; odds are, we're going to have to wait for the EMA to meet us. We're far away from a bull market!
Right now, the future for Ethereum looks promising.
All the Ethereum maxis proclaiming that a great flipping is on the horizon should take a look at the macro ETH/BTC. ETH may be gaining on Bitcoin, but it currently is in a symmetrical triangle.
A volatile week for Ethereum and alts with ETH down 10% and the overall market in a down cycle leading into the Merge. Ethereum transactions on major exchanges like Binance were halted directly before the Merge was set to take place, and then set live again shortly after.
It was Merge week so we took a deep dive into the history and background of Ethereum, exploring its competitive advantage, tokenomics, and much more. Read the comprehensive ETH Coin Profile to learn all you need to know.
Read the full Ethereum Coin Profile
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