- The Merge (Ethereum 2.0) will take place in the coming months.
- The market will most likely attempt to reach the level of $2000.
The global market capitalization has dropped more than 5% in the last 24 hours to $1.39 trillion. A week ago it was above $2.05 trillion as per CoinMarketCap (CMC).
When major cryptocurrencies such as Bitcoin and Ethereum were trading at all-time highs in mid-November last year, analysts predicted that they would continue to rise through the year. However, after January most cryptocurrencies took a dive. As a result, whatever gains were achieved during those glory days are gone now.
The price of Ether has been unstable in recent weeks. It will be fascinating to watch if buyers can pick up the market at the level of $2300, as they have done in the past. The fact that Ether is getting close to the absolute starting point of its candlelight where it started. The market will most likely attempt to reach the level of $2000.
Already the investors are in fear of losing Today Ethereum has dropped to $2,300 which is below the all-time high of $4,100. As a result of Ethereum downstream, 33% of Ethereum investors are at the edge of losses.
In the morning WatcherGuru Tweeted that 33% of Ethereum investors are at loss.
Bleeding on Ethereum
Ethereum was selling for 1848.46 in February 2021 and found a glorious way to reach $ 4079.06 in May 2021. And last November Ether went hiking and achieved an all-time high of $ 4,812.09. After all this glory again it started entering the bearish market. In January Ether dipped to $3,766.82 and today it lost 52% ($2,332.97) from its all-time high as per CoinMarketCap (CMC).
Also, the situation was similar in traditional markets with the S&P 500 (SPX) index in the United States falling 3.2 % to its lowest level in over a year.
Ethereum isn’t just a payment cryptocurrency much like Bitcoin. Users can create decentralized applications (dApp) with the help of smart contracts. And “The Merge”, an attempt to shift the proof-of-work to proof-of-stake is likely to happen in the coming months.