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Ethereum (ETH) approaches 16k amid market volatility

Published by
Nonhlanhla P Dube

Due to fears of inflation and rising interest rates, Ethereum (ETH) traded with risky assets in the final session of the first half of the year. Some analysts predict greater declines in the third quarter.

ETH’s price sank 6% to R17K on Thursday after four days of losses. ETH/USD has broken below its rising trendline support, generating an “ascending triangle” pattern with a horizontal trendline resistance.

The Ethereum (ETH) price graph shows a five-day losing streak, despite last week’s surge. The price may also reach the psychological R16K barrier, signalling a further drop by sellers.

Ethereum Breaks Support

In recent hours, Ethereum’s price fell below R16K, breaking a key support level. The Fibonacci retracement indicator implies ETH has no firm support levels. Any selling pressure might cause a drop below R14.8K or lower.

The worldwide financial community has long anticipated Ethereum’s ‘Merge’ upgrade.

The upgrade will shift the blockchain from proof-of-work to proof-of-stake, a more energy-efficient initiative that may improve transactions and crypto trading.

The launch announcement didn’t sway investors. Ethereum fell with Bitcoin.
To refute the gloomy stance, the second-largest cryptocurrency must regain R18K.

Ether was in an ascending triangle since mid-June. Ether dropped below the triangle’s bottom trendline on June 29, accompanied by an increase in trading volumes that confirmed a fall.

Based on the ascending triangle formation, the downside aim for ETH for the third quarter is R13.7K, about 20% lower than the price on June 3.

Ethereum’s price eclipsed the previous day’s peak during Asia-Pacific trading. The price fell once the European session began.

Stocks fell similarly. Europe and the U.S. appear to be entering the next phase of the global correction before the recession.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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