Traders anticipate that Ethereum price might soon stabilize
The Ethereum The network successfully merged to become a proof-of-stake on its Ropsten testnet on June 8, but the news has had little effect on the price of ETH so far. Ethereum price was slightly unchanged at press time, trading at $1,810 at press time.
Traders anticipate that the Ethereum price might soon stabilize since non-exchange addresses vs. exchange addresses own approximately 3.4 times more ETH.
Ethereum tested support at $1,725 on June 7 after hitting highs of $1,918 the previous day. The price is currently bound between the MA 50 daily decline and $1,700.
This might lead to a range expansion, which could pave the way for the next directional move. If buyers push the price above the $1,918 high, Ethereum may face the next significant barrier at $2,261, where the bears may mount a strong defense. If the price falls below it, the pair may stay inside the current range for a while.
A break above $2,261 could signal the start of a bottoming process, while a break below $1,700 could signal the start of a new downturn.
Ethereum’s Ropsten merge successfully launches
Ethereum passed a key test ahead of the much-anticipated proof-of-stake transition. According to Ethereum developers, the Ropsten testnet has successfully merged.
According to Ethereum Principal Engineer Tim Beiko, the first block of post-merger transactions was completed around 12:00 p.m. New York time, indicating that the testnet merger was complete.
“The network is stable, but there are some minor (known + expected) issues we are looking into,” Beiko said in a message. “Overall, though, things are looking good.”
