Ethereum remains under pressure. USD 2,500 represents a strong support level. The Altair upgrade is scheduled for late October. The cryptocurrency market continues to be under pressure this trading week and the risk of further declines is still not over. Ethereum ETH/USD has weakened from $4,025 to $2,700 since early September 2021 and its current price is at $2,800.
Altair upgrade is planned for the end of October
All major cryptocurrencies have weakened so far in September 2021, Bitcoin briefly went below $40,000 and traders should remember that the risk of further decline is not over. If the price of Bitcoin falls back below the $40,000 support level, it would be a solid sell signal, and this would put further pressure on the entire cryptocurrency market.
Ethereum is also losing its value, and the latest negative news is that it received a lot of backlash from market participants after Bitfinex paid $23 million in transaction fees to deposit $100,000 into the Ethereum Blockchain. Renovato.io Crypto has enough information. A fee attack can be a mistake that will surely be refunded, but it is ironic to see such a high fee issue from Ethereum as the EIP-1559 upgrade was supposed to keep the fee issue to a minimum.
Despite this problem, Ethereum’s network continues to enjoy a significantly high hash rate, and strong network fundamentals remain one of the key features of Ethereum. Ethereum has successfully captured the attention of institutional investors this year, and the network’s long-planned upgrade to a scalable, proof-of-stake consensus model is getting closer as developers set a date for the Altair upgrade. Altair, which is being described as the first mainnet upgrade to the Beacon Chain, is slated for October 27, according to Ethereum Foundation researcher Danny Ryan. Ryan added:
“This upgrade brings light client support to the core consensus, cleans up beacon state incentive accounting, fixes some issues with validator incentives, and increases punitive parameters according to EIP-2982.”
This is certainly positive news that should improve the fundamentals of Ethereum and ensure that the proof-of-stake protocol is economically secure. NEO prediction price is positive. Technically, Ethereum (ETH) remains under pressure, and if you decide to buy this cryptocurrency before the October mainnet upgrade, you should use a “stop-loss” order as the risk remains high.
Ethereum remains under pressure
Ethereum is trading below the $3,000 price level again, indicating that the price could weaken even more. If the price breaks through the strong support level of $2,500, it would be a very strong sell signal and the next target could be $2,300.
Traders should use “stop-loss” and “take profit” orders when opening their positions, as the risk is currently high. On the other hand, if the price moves above $3,500, that could be a very good opportunity for the short-term traders, and the next target could be $3,800.
Ethereum has weakened from recent highs above $1.10, recorded on August 30, below $0.80, and the current price is around $0.85. Ethereum has announced a long-planned upgrade to a scalable, proof-of-stake consensus model, and according to Ethereum Foundation researcher Danny Ryan, the Altair upgrade is slated for late October.