What Ethereum Can Bring On The Table For ETH Investors In Q4
September 23 2022 - 3:03AM
NEWSBTC
As expected, Ethereum has been doing poorly since the much-touted
Merge event. This was a groundbreaking moment for the crypto
industry. Although the Merge was anticipated to boost investor
confidence, it occurred at the worst possible time. The Merge took
place at an interesting point in crypto history. The update went up
on September 15—just two days after the United States CPI data was
made public. There was a widespread selloff in the stock markets
because of the Federal Reserve’s interest rate increase, reporting
its annual inflation rate hike of 0.1%, and affecting the
cryptocurrency market. On the day of publication, Bitcoin dropped
12.71 percent, and Ethereum fell 12.67 percent. The timing of the
Merge’s launch was a last-ditch effort to maintain or perhaps boost
investors’ trust. However, that did not actually occur. Related
Reading: Polygon (MATIC) Downward Trajectory Faces Resistance At
$0.94 Level Ethereum (ETH) Price Down 21% When everything was said
and done, the Ether’s price had dropped by 21.1% compared to
its 7-day moving average, as measured by CoinGecko. But
@CryptoGucci, a Twitter user, disputes this. One Twitter user
explained why the recent price decline shouldn’t be worrying. The
increasing prevalence of Ethereum validators on the blockchain is a
prime example. This increase in validators can improve the Ethereum
blockchain’s overall efficiency. Additionally, the state of
Colorado has accepted ETH as a payment method through PayPal.
However, this payment method is exclusive to personal PayPal
accounts and not commercial ones. Nonetheless, this will
undoubtedly aid the adoption of the ETH ecosystem. Is An ETH
Recovery Imminent? Recent data indicate that ETH is witnessing a
positive price increase. After a near-freefall to $1,243, the price
has rebounded and is currently trading between $1,221 and
$1,323. Multiple indicators also depict a strengthening bullish
momentum. Since the decline to the critical support level,
stochastic relative strength index (RSI) values have risen,
indicating that investor confidence is rebounding after a dreadful
few days. But are new changes sufficient to halt the current 0.75
percent interest rate increase? As the cryptocurrency market
closely mirrors the broader financial environment, the recent
movements may be temporary. Wall Street’s indices have declined by
a few percentage points as of this writing, and this decline can
have a significant impact on the cryptocurrency market. As the
third fiscal quarter draws to a close, Ethereum may experience a
slow but gradual comeback. Related Reading: Aave (AAVE) Attracting
Whales Over Past Few Months – Will It Spur Price Rally? ETH total
market cap at $163.7 billion on the daily chart | Source:
TradingView.com Featured image from CryptoMode, Chart:
TradingView.com (The analysis represents the author's personal
views and should not be construed as investment advice).
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