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Bear alert for ETH? Everything is relative
- Uncertainty is in the air as follows when it loses important parts of its value.
- ETH prices are in December $ 2 thousand as the bulls predict an upward price move.
- Chinese Ethereum miners throw GPUs at crackdowns against regulatory agencies.
- Power Ledger has decided zanga Ethereum for Solana, citing speed and scalability as the main reasons.
Ethereum has had 2021 success in every metric, starting the year with prices around $ 700 before setting a new high of $ 4,362. This growth is expected to grow by more than 500% in 6 months, but the recent drop in global cryptocurrency prices has shone on Ethereum’s price performance.
The anti-crypto attitude of the Chinese authorities has consistently seen miners throwing GPUs, and Power Ledger has unveiled plans to side with rival Ethereum. Despite the negative, there may be light at the end of the tunnel as the asset shows its strength.
The Dwindling Fortunes of Ethereum
Ethereum prices continue to fall amid a general decline in value in cryptocurrency markets. Today, Ethereum is on the verge of a $ 2,000 asset with more indicators that could be even lower. Assets fell by 4.38% in the last day and the weekly charts confirm the harsh reality, which fell by 13.04%.
Despite falling prices, daily trading volumes rose by 16.15% to $ 13.3 trillion, which promises future growth.
However, Ethereum has maintained its proximity to Bitcoin, while ignoring competition from opponent blockchains. It is important to mention that up to this point, the decline has been nothing out of the ordinary and follows the usual correlation currents of BTC and ETH.
Ethereum has fallen more than 54.15% from an all-time high of $ 4,362, a year-on-year increase that came as no surprise, as it was trading at $ 231.62 on this day last year.
Chinese miners are throwing out GPUs and Power Ledger is saying goodbye
The path taken by Ethereum out of the storm became more difficult after Power Ledger decided to go from the network to Solana.
The Australian-based blockchain company cited higher speeds and better scalability as the main reasons for the switch. He mentioned the low energy production of Solana’s Proof of Stake consensus mechanism.
Speaking about the development, he stated that the new platform created by founding Dr. Jemma Green will be “ten thousand times faster but more energy efficient” than Ethereum.
Increased enforcement by the Chinese authorities in cryptocurrency mining has led to Ethereum miners throwing out GPUs. This, in turn, reduced network hashrate by 20% as the loop around the Ethereum neck tightened.
Flipside
- One of Crypto analysts and founders of Magnan, Megan Kaspar, predicts that a fall in prices is the catalyst that Ethereum needs to hit. $ 10,000 before the end of the year.
- The expert’s hypothesis is based on developments that will be introduced into the network later in the year.
Is there a light at the end of the Tunnel?
Even though things have been rough for Ethereum, historical background has taught us that we should not write actively. Ethereum’s stellar growth over the past 12 months has been meteoric, and in the big scheme, it’s just a small delay.
A loss of about 40% in value does not detract from the brilliance of gains of more than 500% in less than 6 months.
Soon new upgrades are coming to Ethereum. In a few weeks, the community will celebrate the London Fork Update, which will be launched on 4 August.
Ethereum 2.0 will also shift from a work certificate to a Game Certificate to the ability to achieve energy efficiency. The launch of these developments will give Ethereum a great opportunity to fight the ongoing bearish sentiment.
Since it is the fuel for many projects in a blockchain like DApps, NFT and DeFi, it is safe to say that there is light at the end of the tunnel to Ethereum.
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