Ethereum Bleeds as Price Nosedives to Nearly $1500

Ethereum-Bleeds-as-Price-Nosedives-to-Nearly-$1500
  • Ethereum breaks its market position
  • Proof-of-Work (PoW) to Proof-of-Stake (PoS) may happen in August
  • ETH may surge to $2k soon

Ethereum, the crypto seated next to Bitcoin continues to break its market position. To be specific, ETH dropped its price below $1900 in the past 24-hour with a decline rate of over -6%.

This made Lark Davis react in a tweet post,

The post stated about the sudden price change of Ethereum, “#ethereum just fell under $1,900!”. This tweet gathered different opinions in the crypto Twitter space, some were surprised while others stated their own opinion about the price crash.

However, despite the bearish market, Ethereum developers still plan to push the network’s algorithm from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The migration is expected to happen in August.

Source: TradingView

As seen in the chart above, ETH dips its price below $2000, a bearish trend. However, this price position of the crypto can still be considered a strategic position. To be exact, the table above displayed the support level of ETH amounting to $1270 that has not been reached yet by ETH. If ETH is able to avoid and pull itself away from the support level, there is a big chance that ETH might go over $1900 and advance towards the bullish price to more than $2000.

Moreover, the upcoming network development of ETH might be a contributing factor to the price surge of ETH in the coming months.

On the other hand, crypto carnage continues to be felt across the space. In fact, the whole market cap industry bleeds to -4.1% in the past 24 hours. This made the ecosystem’s whole market cap to bag a low funding below $1.3 trillion. 

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