Ethereum is the second leading cryptocurrency coin on the list. This coin has entered an oversold zone. Ether bulls may enter the market soon to start investing in this oversold coin.
Etherum prices may start to rise. In addition to technical developments, Ethereum prices may start to rise thanks to optimistic fundamentals. For many crypto investors and enthusiasts, Ethereum is about much more than just the cryptocurrency.
Despite Ethereum having a terrible first half of the year, some analysts believe it has a chance to cross the $3,800 mark in 2022.
Ether – ETH for short – is the original currency of Ethereum. Since the start in 2015, a clear price increase has been visible. Ether, a cryptocurrency created by Vitalik Buterin – a programmer – had seen the value of his crypto rise from 0.29545 euros in 2015 to 4560 euros at its peak at the end of last year.
The price increases were significant in the intervening period. Unlike Bitcoin and other well-known cryptocurrencies, Ethereum can be used as a software network to create new applications, tools and support NFTs.
The blockchain-based software network is one of the most widely used cryptocurrencies, thanks to its practical and useful applications in the IT industry.
In particular, games, music, entertainment and decentralized finance are applications that are carried out. The price of Ethereum fluctuated in the past week between 1340 euros and 1450 euros. Since the merger that Ethereum went through on September 15, the token price has fallen sharply.
Ethereum Miners’ Mass Dump’ ETH
Investors appear to be shocked as Ether lost a fifth of its value in the four days following The Merge on September 15. In other words: how is it possible?
The historic upgrade was meant to usher in a new phase for Ethereum, not sell off a wave of negativity. However, many traders expect to make money by buying the rumor and selling the crypto. Now research from OKlink suggests that Ethereum miners are one of the main reasons for the sell-off. In the past week, miners have sold 17,000 ETH.
According to data from 2miners – a service that measures the hash rate of Proof of Work networks – eight out of ten Eherreum miners appear to have stopped working after The Merge. Information shows that many miners have chosen to shut down their hardware.
In fact, increasing hash rates have made many networks using EtHash miners unprofitable. On September 15, Ethereum underwent a so-called merger. Here, Proof-of-Work miners are replaced by Proof-of-Stake.
As a result of this development, less has stopped 4.75 billion euros in mining hardware. This reduced Ethereum’s energy consumption by 99.8%.
Binance Leads the Way: No Fees PoW Mining Pool
Binance – a cryptocurrency exchange – has revealed that users can now join the mining pool for ETHW. This is the Ethereum fork that preserves the original proof-of-work (PoW) foundation of the blockchain. Last Thursday there was a statement that there will be no fees for ETHW Pool participants during the promotional period. This promotion period ends on October 29.
The Ethereum merger took place in the last two weeks. Here, the crypto was transferred to the Proof-of-Stake system. The need for crypto miners was eliminated here. Despite a shaky start, a new and forked version of Ethereum has been developed that is still powered by PoW.
Binance is a crypto trading giant. The users of this exchange are able to theoretically keep the version alive. This allows for optimization for Ethereum investors and could be one of the factors that causes a bullish pullback to take place, affecting the Ethereum price.
Ethereum prices may start to shift higher
The price of Ethereum is currently 1,348.19 euros and has a trading volume of almost 13 million euros. In the last 24 hours, it is an increase of 1.29%. CoinMarketCap is currently number 2 with a live market cap of over $156 million. There is a circulating supply of 122,588,815 ETH tokens. There is also no maximum inventory.
Technically, the ETH/USD pair is likely to find resistance at the EUR 1281.55 level. This will be extended to a double top level. If ETH reaches $1256.85, the 50-day moving average will likely provide support. Above this, the ETH/USD pair is likely to trade bullish until it reaches $1332.85.
The RSI and MACD indicators appear to be positive, indicating a bullish trend. It is therefore advisable to sell ETH in a bullish breakout at EUR 1282. Ether has the potential to reach a value of 1332 euros or even 1401 euros.