Over the years, the second-largest cryptocurrency by market cap, Ethereum (ETH), has seen a decline in its price between upgrades. However, ETH was able to establish new price highs within 3 upgrades of the decline. Nonetheless, the cryptocurrency was able to set new highs over the course of the last 6 upgrades.
ETH price performance relative to historic upgrades (Source:CoinMarketCap)
The upcoming upgrade called “The Merge” will see the Ethereum blockchain migrate from a Proof-of-Work (PoW) consensus mechanism to a more sustainable and eco-friendly Proof-of-Stake (PoS) model.
Looking at the most recent price performance for ETH, it has experienced a drop in price over the last day of around 9.70% and has dropped by almost 18% over the last 7 days, taking its price to around $1,470.31. This has also taken its market cap down to around $178.58 billion.
The drop in ETH’s price over the last couple of months is not only a result of the crypto bear market that we have entered into, but also a result of the ongoing delays of the ETH 2.0 launch, which has now been pushed to the end of this year. There are however some in the crypto community that believe that the launch of ETH 2.0 will only take place next year.
Sell pressure sees ETH drop below $1,500 (Source:CoinMarketCap)
Looking at the daily chart for ETH/USDT, ETH has dropped below $1,500 to its current level of around $1,470.31 — establishing a potential bottom in the process. The 20 EMA line is also below the 50 EMA, which is a bearish flag.
Should a recovery be on the cards for ETH, the market could see it target the first key level of around $1,810. However, bears seem to have the upper hand at the moment.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.