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Ethereum Price Trends Sideways Ahead Of The Merge

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Ethereum Price Trends Sideways Ahead Of The Merge

The Ethereum community and the entire crypto space will soon witness the Merge launch, the long-awaited upgrade. It’s a transition for the Ethereum mainnet from PoW to PoS consensus mechanism. It has become one of the most hyped events in the industry as many people are presenting different opinions about it.

Over the past few weeks, sentiment on the Merge boosted the price of Ether. Despite some slight downward moves in the broader crypto market, ETH remained one of the tokens with a more impressive performance.

The sudden decline in the price of Ethereum is creating many concerns for many participants. Several people are confused about the twist in the movement of Ether since the Merge is at hand.

Furthermore, other preparatory activities and upgrades that will usher in the Merge are almost completed. Hence, investors are expecting to get more increase in the price of ETH.

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Effect Of Bellatrix Upgrade on Ethereum Network

The ETH network witnessed the Bellatrix upgrade recently. The upgrade is meant to enable Ethereum validators to create Beacon blocks. One of the completed blocks will contain the code for the Merge. The Bellatrix upgrade serves as one of the upgrades that initiate the Merge.

Ethereum is currency down by 1.93% l ETHUSDT on TradingView.com

A report on the process indicated that Ethereum witnessed a drop in its network participation rate after the Bellatrix upgrade. Also, there was a spike in missed blocks in the network.

The record showed that the rate for missed blocks after the upgrade surged by 1700%. With just a week remaining for the Merge, the Ethereum developer team is expected to watch the situation closely.

Some professionals offered reasons for the reduction in upgraded nodes. They mentioned that it could be the failure of some nodes in upgrading their clients. They stated that an increase in participation would come once more validators upgrade their nodes to sync with the Bellatrix upgrade.

Possible Reasons For Ethereum Decline

People are providing different reasons for the decline in Ethereum prices. Some factors are also playing out on the side against the broader crypto market. The Ethereum price is dwindling due to the effect of macroeconomic factors.

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The wave of the dollar’s rally is throwing almost the entire crypto market and even the general market off balance. Also, the hawkish approach from the Fed in tackling inflation is expected to continue.

A partner at Cinneamhain Ventures and crypto influencer, Adam Cochran, linked the drop to Aave’s stance on Ethereum markets. The influencer noted that Aave’s halting Ethereum markets triggered other platforms like Instadapp to unwind sETH/ETH pools.

Featured image from Pixabay, chart from TradingView.com

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ETH

Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?

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Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?

Ethereum has been one of the cryptocurrencies that have received major support from the crypto community regardless of how the price performs in the market. Since the Ethereum Merge was completed, though, the digital asset has not performed as well as expected. ETH’s price has continuously bled out, which has led to its price relegating to the low $1,000s. As the new month begins, speculations abound on whether the cryptocurrency has what it takes to recover.

Three Red Weekly Closes

Along with the rest of the crypto market, Ethereum’s price has suffered bitterly at the hands of the bulls. Once again, the curse of September reared its ugly head, and digital assets across the space saw more red than green during this time period. Ethereum itself had closed out the month with three consecutive red weekly closes, which has greatly impacted its performance in the market.

Over the last few weeks, the resistance to the digital asset has been mounting, and the bears have made a solid stand just above the $1,400 level. This is evidenced by ETH’s inability to beat this point, even with some rise in momentum.

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ETH sees three consecutive red weekly closes | Source: ETHUSD on TradingView.com

Interestingly, Ethereum’s chart looks eerily similar to the same trend that was recorded back in September of 2021. This had been in the middle of the bull market right before ETH had hit its all-time high above $4,900. The digital asset had recorded three consecutive red closes, followed by a green close. What followed would be two months of weekly green closes that saw the cryptocurrency surge by more than 48%.

If this trend holds and Ethereum is able to successfully break through the $1,400 resistance point this week, then ETH’s price could rally to $1,800 over the next two months before eventually losing steam.

Can Ethereum Hold Up?

The weakness of ETH following the Merge has done a number on not only the digital asset but on investor sentiment. The majority of investors still opt to hold their coins for the long term. However, the sell-offs continue to wax stronger at this time.

Mainly, all eyes are on the Ethereum staking contract, where more and more of the supply are being sent each day. The contract currently sits at more than 14.1 million ETH are already staked, accounting for about 12% of the total supply. And since there is presently no way to withdraw these ETH, they are temporarily taken out of circulation, causing a significant drop in supply.

Nevertheless, the majority of ETH investors are still in profit despite the current low prices. This 53% of investors who have mostly held their coins for longer than a year remains in the green. However, profit-taking continues with exchange inflows reaching $4.49 billion for the last 7 days compared to outflows of $4.44 billion.

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Featured image from El Cronista, chart from TradingView.com

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Cardano

Ethereum Registers Massive Inflows Even Though It Shows Subtlety

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Ethereum Registers Massive Inflows Even Though It Shows Subtlety

The second largest cryptocurrency is making a new wave in space in inflows, Ethereum and its related products recorded massive inflows for a second week consecutively. CoinShares’ weekly fund flow report data indicated a total inflow of $5.6 million for Ethereum and its related products.

Data for the overall investment products of digital assets was about $10.3 million in inflows last week. In addition, the report noted that this is the third consecutive week of inflows for virtual assets. However, investors are still hesitant about the low flows.

Also, last week’s trading volumes of investment products amounted to $886 million. This is the lowest value recorded since October 2020.

For Bitcoin, it was a case of recording its third week of minor inflows of about $7.7 million. In addition, the primary crypto asset had its short recording inflow of approximately $2.1 million last week.

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Other Altcoins Recorded Outflows For Last Week

The altcoins, with the exemption of Ethereum, had negative trends with outflows for last week. They recorded a total flow of about $3.5 million. Most assets with higher outflows include Cardano, Avalanche, and Polygon. Their outflows were $0.5 million, $0.8 million, and $0.9 million, respectively.

Last week, XRP and Cardano products recorded their first outflows of $300,000 and $500,000 since August. The values are on the high side in comparison with their previous inflows. Both tokens had recently encountered a drastic drop in their values, creating more fear in the minds of investors and traders.

Some areas recorded minor outflows during the last week. Except for Sweden, which had an inflow of $16 million, most European nations saw outflows. Also, Germany saw outflows amounting to about $9.1 million. But the US noted a cumulative inflow of about $7.7 million.

The statistical data for the month-to-month outflows for digital assets investment products is about $42.6 million. The year-to-year inflows are cumulatively at $448 million.

Ethereum Merge And Ethereum Outflows

There were some outflows from ETH-related products from the period preceding the Ethereum Merge on September 15. This is due to the division in sentiment concerning the Merge. While some believed that the transition to PoS would bring a price hike for Ethereum and its derivatives, some had a contrary opinion.

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Hence, some investors hastened to sell off their holdings before the Merge creating increased outflows for the network during the period. But some decided to stick with the transition keeping their holdings intact. They opted to stake their Ether.

Ethereum follows an uptrend on the chart l ETHUSDT on Tradingview.com

Following the completion of the Merge event, the demand for Ethereum-related products is gradually rising. This resulted in the inflows for the products within the past two weeks.

Featured image from Pixabay, Chart: TradingView.com

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000, USD Hits 2-Week Low

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Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000, USD Hits 2-Week Low

Bitcoin was back above $20,000 on Tuesday, as the U.S. dollar fell to its lowest point in two weeks versus several G7 currencies. The stronger dollar has impacted purchasing power in cryptocurrencies, and commodities like crude oil, which last week fell to a nine-month low. Ethereum was also up, hitting a five-day high.

Bitcoin

Bitcoin (BTC) briefly rose above $20,000 on Tuesday, as the U.S. dollar continued to decline versus other major currencies.

This has resulted in the world’s largest cryptocurrency climbing to a peak of $20,071.20 earlier in today’s session.

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Today’s high is the strongest point that BTC/USD has traded at since September 30, and is marginally below a ceiling of $20,200.

BTC/USD – Daily Chart

As can be seen from the chart, earlier bulls retreated from the market as BTC neared the aforementioned resistance point.

Overall, the rally began following a breakout of another point of uncertainty, this being the ceiling of 49.00 on the relative strength index (RSI).

The index is now tracking at 52.22, which is slightly below a resistance of 53.00, and this seems to be another reason why BTC has slipped from its earlier high.

Ethereum

Like BTC, ethereum (ETH) also rose to a five-day high in today’s session, moving above a key resistance level in the process.

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Following a low of $1,294.41 to start the week, ETH/USD raced to an intraday high of $1,355.89 earlier in the day.

The move saw ethereum break out of its ceiling of $1,330, with the 14-day RSI also moving beyond a point of resistance.

ETH/USD – Daily Chart

Looking at the chart, the indicator rose above its ceiling of 41.50, and as of writing, is tracking at 44.82.

This is the strongest reading for the index since September 15, when ETH was trading at a high of $1,470.

In order to move back towards those levels, the RSI will need to break out of an upcoming ceiling of 45.00.

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Could we see ethereum hit $1,400 before the end of the day? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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