Ethereum completed its shift from proof-of-work (PoW) to proof-of-stake (PoS) via the highly anticipated “merge” last September 15, 2022.
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But after more than a month from that historic event, Bitcoin’s closest rival still has nothing to show for as its price flat-lined as it failed to take off despite the hype that surrounded the second largest cryptocurrency before the merge.
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At press time, according to tracking from Coingecko, Ethereum is trading at $1,297 and while it managed to increase by 3.6% over the last 30 days, it is still nowhere near the level it was expected to be after its blockchain’s transition.
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The coming days could prove to be more challenging for the digital asset as there’s a possibility it could experience severe price dump.
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Ethereum Could Be Looking At $1,000 As Support
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The altcoin’s daily technical chart shows its price established a symmetrical triangle pattern which accelerates prevailing trend movement.
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In Ethereum’s case, this is not favorable news considering it has been on a consistent decline over the last few weeks.
Source: TradingView
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With its current bearish momentum, ETH could end up being in a steep fall all the way to support range of between $1,200 and $1,000.
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The asset’s volatility is also high, but this could work either way as it presents an opportunity for an upward break in the trendline that could trigger a price rally up to $1,400.
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If Ethereum manages to keep $1,400 as a resistance marker and continue with a bullish movement, it could prime itself to test the $1,550 levels.
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The King Of Altcoins Can Still Surge
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While some sectors in the crypto space has called the Merge as a dud, Ethereum still has a lot of fight left in it as there is still chance for it to surge and be back in conversations of being at par with Bitcoin.
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In fact, even if BTC price remains in status quo and consolidates for a while, ETH’s could start its own rally to surge and invalidate the previous bearish thesis about its trajectory.
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If the conditions are met and Ethereum manages to flip the crucial $1,730 resistance marker, it will revisit the psychological $2,000 level.
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If that happens, the digital asset will be several steps closer to its all-time high of $4,878 which was attained in November of last year.
ETH total market cap at $159.2 billion on the weekend chart | Featured image from Forkast, Chart: TradingView.com
