September 30, 2022
Ethereum (ETH) Crashes 10% On Merge Delay, Is $1200 In Sight?

According to data from coinmarketcap.com, the second-largest cryptocurrency crashed over 10% to $1,588.57- its lowest level since March 2021. The token is trading down about 56% this year, and has fared far worse than its bigger peer Bitcoin.

Ethereum’s latest losses were triggered by several factors. A delay in a planned difficulty bomb, which is intended to eventually phase out mining on the chain, is the most recent source of downside pressure.

The move is expected to make Ethereum more accessible to retail and institutional investors, and is also expected to increase community participation in the chain, boosting token prices.

According to technical indicators, the Ethereum price is playing out a descending triangle pattern, one that could see the token slump to as low as $1,200 in the near term.

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