ETH Failed to Stay Above $1,600, Danger is Coming?

Over the past three weeks, despite Ethereum's bullish correction continued, Ethereum has recouped only 23% of its fall from a height of $3,600. And ETH led cryptocurrency liquidations by a large margin, with $102 million liquidated over the last 24 hours. At the press of time, Ethereum is priced at 1,500 USDT per coin.

 

The final testnet deployment for the next iteration of Ethereum is set to go live on the Goerli network in three weeks. Ethereum's devs hope the code for The Merge will undergo minimal changes between launching on Goerli and hitting the mainnet.

 

The Merge will unify Ethereum's Proof of Stake consensus layer, the Beacon Chain, with its existing execution layer, the Proof of Work mainnet. The move will kick miners off the network in favor of Proof of Stake validation, ushering in a 90% drop in new ETH issuance and a more than 99% reduction in the network's electricity consumption.

 

As for the technical analysis, from the daily chart, it is clear that the price has come out of the recent rectangle in a northerly direction, which is a good sign for its further growth. However, it failed to break above the resistance formed since May. And the positive histogram of MACD indicator is shrinking, while the RSI is trending downside towards the 50 line. Pay attention to the $1,500 mark.

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