Ethereum has raked in $200 billion in market capitalization with the positive action witnessed in the past few days. The positive trend in the last thirty days has helped ETH gain significant value despite the negative price action. Ethereum is a great player in the decentralized economy for developing utility-based protocols and validations of their transactions.
Still, the overburden of such transactions is costly in terms of gas fees and increased environmental impacts. As such, ETH has prepared plans to shift to Proof of Stake for validating its transactions and set a date for September 2022.
This transition has been under work for the past year, with the final dates being delayed repeatedly. The merger could be negative news for miners and create untold repercussions for the network’s stability and performance. But shifting to Proof of Stake will make it more affordable for the actual transactions.
The nearest competitors are too far from even reaching the shadows of the ecosystem created by ETH. The value of Ethereum is expected to keep rising with positive enthusiasm. More about the important positive and negative levels covered in our ETH price prediction.
Ethereum overcomes the major bottleneck of 100 EMA resistance. Prices have taken a positive turnaround, but sellers can take over the price action anytime. Buyers should be super cautious of any major investment.
Ethereum price action has been positive since the second swing, as indicated by the MACD, which quickly shifted to the positive axis after hitting the fresh low of $897.9 on June 17, 2022. RSI in this phase took off from an oversold level to an overbought range, with a significant positive movement in the last 51 days.
The buying rally was created by the strong belief in the support range of $890. The breakout witnessed in July has been the key aspect that has helped initiate a positive price action. Currently, the 100 EMA curve will create trouble for the ETH price action as MACD has entered into a consolidation indication.
Holding the value above the 100 EMA curve could turn the tables enabling a buying mindset and more belief in the Ethereum ecosystem. Apart from this, ETH has no negative impact visible from the technical perspective.
The RSI failing to enter the overbought zones indicate a possibility of a breakout from current resistance levels that activate as prices surpass the 100 EMA. Resistances to watch out for would be $2160. In case today’s candlestick creates a bearish engulfing candle, the consolidation action can last for a longer duration.