The Ethereum blockchain switched from proof-of-work, which required a lot of energy, to proof-of-stake over a month ago. The community had to wait a long time for this event because construction on the makeover didn’t start until 2015 at the earliest.
Initially, founder Vitalik Buterin anticipated that the project would be completed in a year. The topic, it turned out, was far more complicated than at first thought.
Many users, including those who are uninterested in the technical details, believed that the performance of the blockchain would considerably increase on the day of the merger or changeover.
There are misunderstandings about how the merger would affect the blockchain, which was addressed in advance by the Ethereum Foundation. She made the announcement that the update would not affect gas prices or the amount of transactions that could be completed per second in order to avoid any huge disappointments.
Gas prices reached an intermediate mid-high of $4.75 per transaction on October 10; this was regrettably reaffirmed. Gas prices had not averaged over $4 since August 11, 2022, according to statistics from bitinfocharts.com.
Technical Price Benchmarks for Ethereum.
Ethereum increases 1.46% to reach $1299 at the rate of ETH/USD, but loses 3.53% on a weekly basis.
The 61.8% Fibo retracement level of $1,320 is where the cryptocurrency is still consolidating its most recent losses. Expect the September 21 low at $1222 to be challenged after two consecutive daily closes below this level. Below, focus should be on the $1128 78.6% Fibonacci retracement.
The short-term bearish mood wouldn’t fade until there was a rally over the 61.8% Fibo retracement and a push towards the $1455 50% Fibo retracement.
