ETH Price Searches for New Bottom in Build Up for The Merge -Breaking
- ETH’s price has declined between upgrades in the past.
- However, tokens were able to achieve new heights during the 6 previous upgrades.
- ETH’s price has fallen by nearly 18% in the past 7 days, and it has declined around 9.70% in the last 24 hours.
Between upgrades, ETH, which is the 2nd-largest cryptocurrency in market capital, has experienced a drop in price over the years. ETH managed to set new highs in just three upgrades. The cryptocurrency managed to reach new heights in the 6 previous upgrades.
ETH price performance relative to historic upgrades (Source:CoinMarketCap)
The upcoming upgrade called “The Merge” will see the Ethereum blockchain migrate from a Proof-of-Work (PoW) consensus mechanism to a more sustainable and eco-friendly Proof-of-Stake (PoS) model.
The latest price performance data for ETH show that the price has fallen by around 9.70% the previous day, and almost 18% the following seven days. Its price is now at $1,470.31. Its market capitalization has dropped to $178.58 million.
The drop in ETH’s price over the last couple of months is not only a result of the crypto bear market that we have entered into, but also a result of the ongoing delays of the ETH 2.0 launch, which has now been pushed to the end of this year. Some in crypto believe that ETH 2.0’s launch will not take place until next year.
Sell pressure sees ETH drop below $1,500 (Source:CoinMarketCap)
Looking at the daily chart for ETH/USDT, ETH has dropped below $1,500 to its current level of around $1,470.31 — establishing a potential bottom in the process. Also, the 20 EMA line has fallen below 50 EMA which indicates a bearish flag.
If ETH recovers, it could target $1,810. Currently, though, bears have the advantage.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora advises its users to research cryptocurrency before making any investment.