© Jakub Porzycki via Reuters Connect
Investing.com – The blockchain merger, eagerly awaited for years, will most likely take place within the next three weeks. The Ether community hopes that this event will make the new Proof-of-Stake (PoS) platform ready for a wider range of applications.
On the other hand, there are also concerns about the appearance of several forks (splits) that will continue to follow a proof-of-work (PoW) approach. Such a development should mostly suit miners, as they are useless in a PoS network.
The world’s largest NFT marketplace, OpenSea, has announced that it will only support NFTs based on the ETH-PoS network. The platform thus pulled the rug out from under all NFT projects that were planning to continue on PoW.
Ethereum Technical Price Benchmarks
The fell -1.05% in recent hours, to $1,578. On a weekly basis, the cryptocurrency even registers a loss of -7.41 percent.
Resistance at the 38.2 percent Fibo retracement is being tested for the third day in a row, after the 50 percent Fibo retracement at $1455 offered ample support.
If Ethereum manages to break above $1590 on the daily close, expect an extension of the upside move towards the 23.6% Fibo retracement at $1757.
If it fails, the focus will shift back to the 50 percent Fibo retracement and should this give way under downside pressure, room for losses towards the 61.8 percent retracement Fibo of 1320 dollars will rise.
By Marco Oehrl