ETH Backpedals After Hitting $1,800 Ahead Of Merge Last Week

As the integration has progressed, Ethereum’s price has slid precipitously. Since the general financial markets are facing a period of extreme pessimism, ETH could continue to fall over the next few days. On the morning of September 15th, the Merge went into effect. The price of ETH dropped 11.91 percent during the day, wiping off all of the gains it has made since September 14. The outlook for ETH after the integration is bleak because it suggests the crypto winter will continue through the summer months. In the time after this article was written, the coin’s price has found support near the 61.80 Fib level, at around $1,329.91. A portion of the Donchian channel’s lower section has also been explored by the bears. This shift indicates a deeper descending pressure. Related Reading: Bitcoin Price Bottom To Take Place In Q4 This Year, Crypto Expert Predicts ETH Rebound Still A Big Possibility ETH’s recovery is feasible, but only in the far future, as the Merge raised more concerns than it answered, and the broader financial markets are still battling to reestablish confidence. A positive outlook for Ethereum’s future is something this occasion is meant to instill in traders and investors. Traders and investors, however, believe that the proof-of-stake system is a wrong turn for ETH. According to a post in r/CryptoCurrency on Reddit, the proof-of-stake mechanism benefits the wealthy at the expense of...