The long-awaited Ethereum blockchain merger will probably happen within the next three weeks. The Ether community is hoping that this occasion will enable a greater range of applications for the new Proof-of-Stake (PoS) platform.
On the other side, there are worries over the emergence of a number of forks (splits) that will continue to use a proof-of-work (PoW) methodology. Miners should benefit the most from such a change because they are useless in a PoS network.
OpenSea, the biggest market for NFTs in the world, has declared that it will only support NFTs built on the ETH-PoS network. All NFT initiatives that planned to continue on PoW were therefore upended by the platform.
Technical Price Benchmarks for Ethereum
ETH/USD is now at $1578, down 1.05% in the last 24 hours. The cryptocurrency even experiences a loss of -7.41% on a weekly basis.
After the 50 percent Fibo retracement at $1455 provided enough support, resistance at the 38.2 percent Fibo retracement is being challenged for the third day in a row.
Expect an upward extension of the advance towards the 23.6% Fibo retracement at $1757 if Ethereum manages to break over $1590 on the daily close.
In the event that it fails, attention will return to the 50% Fibo retracement, and should this cave in to negative pressure, room for losses toward the 61.8 percent retracement Fibo of 1320 dollars would increase.