Ethereum

Ethereum Rejection at $2,000 Makes Traders Confused

Professional traders are a bit skeptical of Ethereum rally strength after ETH price sold off at $2,000 resistance.

Ethereum (ETH) rejected the $2,000 resistance on August 14, but a solid 82.8% gain since the rising wedge formation that began on July 13 definitely seems like a win for the bulls. The dream of “ultrasound money” is getting closer as the network is scheduled to go into The Merge on September 16.

ETH daily chart. Source: CoinCu

Some critics point out that the transition away from proof-of-work (PoW) mining has been delayed for years, and that Merge itself does not solve the scalability problem. The network transition to parallel processing (sharding) is expected to happen in late 2023 or early 2024.

For Ether bulls, the EIP-1559 burning mechanism introduced in August 2021 is essential to driving ETH to scarcity, as crypto analyst and influencer Kris Kay says :

The highly anticipated move to Beacon Chain has received a lot of criticism, despite removing the need for energy-intensive mining operations. Below, “DrBitcoinMD” highlights the inability of ETH validators to withdraw their funds, creating an unsustainable temporary drop.

Without a doubt, the decrease in the number of coins available for sale has caused a supply shock, especially after the 82.8% rally experienced by Ether recently. However, these investors know the risks of staking ETH 2.0 and no promises are made about immediate withdrawals after The Merge.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

18 minutes ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

1 hour ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

2 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

3 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

5 hours ago

Bonk’s ICO Was Just the Start: Why BTFD Coin’s Stage 7 Price Rollback Is Your Second Shot at Crypto Glory

BTFD Coin is offering a chance to relive the glory days of meme coin investing,…

6 hours ago

This website uses cookies.