Some problems arose among ETH followers this week after Tim Beiko of the Ethereum Foundation hinted that the Proof-of-Stake transition won’t happen in June 2022. The update came as the leading altcoin Ethereum tried to find stable price support.
Ethereum (ETH) expected update will be delayed some more
Leading altcoin ETH seems to be trading above the most critical support level in its trend. The altcoin has dropped nearly 18 percent over the past two weeks. The losses continued this week after Tim Beiko of the Ethereum Foundation pointed out a delay for the long-awaited “Merge” update. Beiko recently stated that the update will come a few months later, not June.
Leading smart contract platform, said update has been planned for several years. Ethereum CEO Vitalik Buterin initially suggested that it would be ready in 2016. However, further delays could affect the price of Ethereum, according to experts. The altcoin is trading at $3,031.61, down 7.86 percent in the past week.
What are the levels to watch in Ethereum?
As Cryptokoin.com previously reported, Ethereum has been testing the 50-day moving average as support for the past five days. While this demand zone has managed to hold Ethereum so far, any increase in selling pressure around current price levels could have dire consequences for the bulls, according to analysts. On the other hand, breaking the $3,000 support level could drop the leading altcoin project to $2,400, according to experts. Despite the bearish outlook created by a break of the $3,000 support, there are several strong fundamentals that support the asset’s bullish argument.
According to the data obtained, more than 11.5 million ETH has been deposited into the Eth2.0 deposit contract. In addition, more than 2.1 million ETH was burned via EIP-1559. This type of market behavior signals a significant reduction in selling pressure and a potential supply shock. According to analysts, if Ethereum prints a daily candlestick chart near $3,500 above its 200-day moving average, it could progress further. In this scenario, the initial bullish target will be $4,120.
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