mid September Ethereum (ETH) finally accomplished its long-awaited merger which makes it a proof of work (PoW) a proof of stake from the consensus mechanism (PoS) turned it into a consensus mechanism.
10 Percent Uptrend Seen in Ethereum (ETH)
Since the cessation of mining activities, daily ETH amount decreased by 90%, but Ethereum’The price of flour had not yet given a positive reaction.
Ethereum dropped as low as $1,270 on Thursday and continued lower until Friday, reaching $1,254 before showing a quick recovery.
ETH’s price remained in an uptrend for two more days and reached $1,370 on October 24 before turning bearish.
Significant whale transfers took place as the ETH price fell steadily from its October 18 high of $1,342.
At this stage, the most important level for Ethereum will be the psychological resistance at $1500. If it is sustained above this level, the $1560 level seems to be the most important resistance and target level.
Again, the support levels are 1480, 1420, 1370 and 1337 dollars at this stage. With the loss of these levels, the most important level is seen as the lower green trend line.
Ethereum Attracts the Attention of Institutions
a $4.5 trillion asset management firm fidelity to their investments bitcoin started with and now EthereumIt focuses on.
In an email to customers, Fidelity announced that “Enterprise Ethereum features will come to the Fidelity Digital Assets platform on October 28, 2022.”
Today, Bitcoin 20,000 by pushing the dollar 10 per centshowing a rise close to 1500 managed to surpass the dollar level.
This rise in Bitcoin and Ethereum is thought to be due to the decline in the US dollar index (DXY). DXY is currently trending down around 110.960 levels.
If the 110,000 level is broken to the downside, it may pave the way for a strong upside bounce in Ethereum.
With the recent upward movement in Bitcoin, it is trying to exceed the psychological limit of $ 20,000. If it holds above $20,000, the general opinion of crypto money investors is that it will not be difficult to move $25,000 by the end of the year.
*Not investment advice.
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