​​#MarketNews  #Cryptocurrency #Ethereum IT'S DONE! THE ETHER | Smart Forex Lab.

​​#MarketNews  #Cryptocurrency #Ethereum

IT'S DONE! THE ETHEREUM NETWORK SWITCHED TO THE PROOF-OF-STAKE ALGORITHM

The Merge — something that has been talked about since 2014 — finally happened yesterday, September 15th.

The implementation of the PoS algorithm will make the Ethereum network:
→ more scalable;
→ more environmentally friendly due to less energy consumption;
→ cheaper due to reduced commissions.

Experts believe that the Merge is setting off a chain reaction of change. The end result could be widespread use of Ethereum computing power for the public in many walks of life.

Congratulations are heard on social networks, memes are multiplying about the historic day for Ethereum. However, the ETHUSD rate, interestingly, dropped significantly yesterday. This may mean that expectations have been overestimated. Investors who expected ETH to “take off” on September 15 are closing positions and thus putting pressure on the price.

One way or another, we see a price decrease on growing volumes (1) — a sign of a bear market. Perhaps now the ETHUSD rate is affected by the approach of next week –- the Fed is expected to raise the base rate to combat inflation, which remains stubbornly at a high level (as it became known on Tuesday).

Now the ETHUSD rate has reached the support line (2), which gives reason to consider opening a long position “on a rebound” from this line. Although if the news from the Fed can become the driver that breaks through its support.

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