Ethereum Crosses $1,700, But Could Return To Path Of Pain, Expert Says

Ethereum (ETH) took off over the weekend and has extended its gains during today’s trading session. The second crypto by market cap could extend its gains, as “The Merge” becomes a certainty. Related Reading: Market Sentiment Holds Steady As Bitcoin Aims For $24,000 The event that will complete Ethereum’s transition from a Proof-of-Work (PoW) to a Proo-of-Stake (PoS) consensus algorithm, “The Merge” has been set for September 2022. One of the most expected dates in the crypto industry, market participants seem divided on its short-term implications. At the time of writing, ETH’s price trades at $1,770 with 3% and 5% profits over the last 24 hours and 7 days, respectively. As NewsBTC reported, $1,700 was a critical resistance zone for Ethereum as this level could provide more clues into ETH’s price direction. If the cryptocurrency manages to flip this resistance level into support, the current bullish momentum might be sustainable and trigger a fresh bull run. The opposite might happen at ETH’s price current levels, the market could see a bear assault with new strength. The above is based on an idea from Jarvis Labs looking at Ethereum’s 30-day returns, a metric used to measure the short-term profits and losses from crypto investors over that period. 3 weeks ago, this metric was trending toward 0% after moving in negative territory for a while. In the past, whenever Ethereum flip its 30-day returns into positive territory, abov...