Ethereum has eroded bitcoin’s market share over the past few weeks as developers prepare for the Merge update later next month. Let’s examine its impact on blockchain.com blockchain.com Crypto trading and information Followers: 0 See profile and its users in more detail. The general public believes the merger will speed up transactions, reduce gas costs, triple profits and other benefits.
Despite being in a clearly bearish market, this assumption, coupled with the triple halving scenario, drove the price of Ethereum higher. In particular, ETH is up more than 100% after surging 130% between June 18 and August 14.
Since switching to proof-of-stake, Ethereum will require 99.95% less electricity than before. This removes environmental pollution as a concern for the digital asset and gets it off the radar of governments who want to sanction cryptocurrency mining due to the amount of energy it consumes.
ETH Price Analysis:
Since November 2021, the price of Ethereum has been declining and has fallen by 81% from $4,868 to $880 in just 220 days. ETH has gained 130% in less than two months after setting a low on June 18 at $880 to hit a high of $2,031.
Ethereum price appears to have fallen sharply following this remarkable surge, pointing to the start of a second leg. This may be the result of the Merge announcement, which shocked the neighborhood a few months ago. Since that time, interest in Ethereum ethereal Blockchain networkTechnology Followers: 0 See profile flew.
According to technical data, Ethereum is showing a change in sentiment from bullish to bearish following a 25% decline between August 14 and August 20. From the August 10 low of $1,656, this move resulted in a low of $1,524. .
This development demonstrates that the bears are currently in control and that the rebound in the current rally is just a failed bullish effort. The next logical step is to prepare for the coming crisis and find the ideal entry to start trading short.