Ethereum Price Faces 3 Hurdles on Path to Breakout
2022.07.14 14:30
Ethereum Price Faces 3 Hurdles on Path to Breakout
- Ethereum’s price faces three hurdles on its path to recovering from the recent slump.
- Amid the increase in institutional inflow to Ethereum funds, experts believe the Merge is the key to improved sentiment.
- The next major support for Ethereum is near the $1,000 level; dropping below this could bring $965 into play.
Ethereum (ETH) price wiped out its gains after news of the US CPI increase. The Federal Reserve released US inflation data and Ethereum price tumbled in response. There are three key hurdles that the largest altcoin faces. The US inflation data, the bear flag in the ETH/BTC chart since the beginning of June 2022, and the breaching of stable support at $1,041.
Based on data from Santiment, there is an improvement in sentiment among Ethereum holders. However, analysts attribute this to the increasing probability of the Merge. After the successful completion of Ropsten and Sepolia, the altcoin is one test away from the transition to proof of stake. Once Ethereum developers successfully complete the Goerli test, the Merge will be imminent.
Analysts noted that FTX was one of t …
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