Report Shows Ethereum Might Take Another Hit, Is It Possible?
Though volatility is a core attribute of cryptocurrency, the swing is quite excessive for Ethereum.
The price movement for Ether was progressive from the beginning of the second of the year. ETH gradually surged over the $1,800 level before the Merge.
To some reasonable extent, the positive sentiment surrounding Ethereum’s transition from PoW to PoS contributed to the surge. As a result, several participants in the crypto industry tilted towards the second largest crypto asset by market cap.
The token recorded a huge increase in its trading volume and other Ethereum derivatives over the period.
However, the launch seems to come with a bearish trend for Ethereum. Just some hours following the Merge, ETH started a southward movement.
The increasing selling pressure depleted the value gradually as the price kept decreasing. Through the past weekend, Ether plummeted below $1,300 as it lost sustainability on some supportive levels.
There’s a hint for a more bearish pattern from the Ethereum technical chart.
This implies the possibility of another correction of 25% from its current price, which hovers around the $1,350 region. So, ETH might dip further to $1,000.