The crypto market is experiencing a correction with Bitcoin and Ethereum giving back their gains from previous weeks. The general sentiment in the sector was optimistic but could take a blow if main cryptocurrencies lose their current levels.
At the time of writing, Ethereum (ETH) trades at $1,690 with a 10% loss in the last 24 hours and 7 days, respectively. The cryptocurrency has preserved a critical support zone at $1,700 that was turned from major resistance into support.
ETH’s price moving sideways on the 4-hour chart. Source:
In a market update, BitMEX Founder Arthur Hayes called the short-term price action across the crypto market “ugly” as he sees potential for further losses. Hayes via Twitter:
The short-term price action is ugly. Assuming you are long, it could mean you read the market wrong. Is it time to cover, sit tight, or add more? That all depends on your nerve and how well you can read the chart.
In the short term, a trader might experience losses, but if the trader is playing the long run on Ethereum, Hayes believes nothing has “fundamentally change” for the second cryptocurrency by market cap. In less than a month, Ethereum is set to deploy “The Merge” on mainnet.
This event will signal ETH’s full transition into a Proof-of-Stake (PoS) blockchain. In what is one of the most expected events in the history of the crypto market, Ethereum will set the stage for a less energy-consuming, more scalable, and accessible network.
In the past, Hayes has said that “The Merge” will be a transcendental event for ETH’s price as the cryptocurrency will manage to attract fresh capital. The BitMEX founder believes that once the blockchain reduces its energy consumption, sidelined money will flow and potentially push ETH’s price higher. Hayes said:
If you tell me the $ETH merge ain’t happening, or something occurred which severely diminishes it’s probability of success then I would be worried about my long position.
Time To Increase Your Ethereum Holdings?
In that sense, traders should keep an eye on “The Merge” and any potential hurdles as they can negatively affect the price of Ethereum. At the time of writing, the update is on track, but ETH’s price must maintain its current levels to prevent further downside.
If bears take control of the market, analyst Justin Bennet believes that the price of Ethereum might find a bottom at $300. Bennett said:
Unpopular opinion: The $ETH bottom is probably closer to $300 than $1,000. “That’ll never happen,” they’ll say. It already did during the last #crypto bear market. And that was without a global recession, a bear market for stocks, and inflation ripping to new highs in many developed countries.
ETH’s price critical resistance and support levels. Source: Justin Bennett via Twitter
The crypto market is experiencing a correction with Bitcoin and Ethereum giving back their gains from previous weeks. The general sentiment in the sector was optimistic but could take a blow if main cryptocurrencies lose their current levels.
At the time of writing, Ethereum (ETH) trades at $1,690 with a 10% loss in the last 24 hours and 7 days, respectively. The cryptocurrency has preserved a critical support zone at $1,700 that was turned from major resistance into support.
ETH’s price moving sideways on the 4-hour chart. Source:
In a market update, BitMEX Founder Arthur Hayes called the short-term price action across the crypto market “ugly” as he sees potential for further losses. Hayes via Twitter:
The short-term price action is ugly. Assuming you are long, it could mean you read the market wrong. Is it time to cover, sit tight, or add more? That all depends on your nerve and how well you can read the chart.
In the short term, a trader might experience losses, but if the trader is playing the long run on Ethereum, Hayes believes nothing has “fundamentally change” for the second cryptocurrency by market cap. In less than a month, Ethereum is set to deploy “The Merge” on mainnet.
This event will signal ETH’s full transition into a Proof-of-Stake (PoS) blockchain. In what is one of the most expected events in the history of the crypto market, Ethereum will set the stage for a less energy-consuming, more scalable, and accessible network.
In the past, Hayes has said that “The Merge” will be a transcendental event for ETH’s price as the cryptocurrency will manage to attract fresh capital. The BitMEX founder believes that once the blockchain reduces its energy consumption, sidelined money will flow and potentially push ETH’s price higher. Hayes said:
If you tell me the $ETH merge ain’t happening, or something occurred which severely diminishes it’s probability of success then I would be worried about my long position.
Time To Increase Your Ethereum Holdings?
In that sense, traders should keep an eye on “The Merge” and any potential hurdles as they can negatively affect the price of Ethereum. At the time of writing, the update is on track, but ETH’s price must maintain its current levels to prevent further downside.
If bears take control of the market, analyst Justin Bennet believes that the price of Ethereum might find a bottom at $300. Bennett said:
Unpopular opinion: The $ETH bottom is probably closer to $300 than $1,000. “That’ll never happen,” they’ll say. It already did during the last #crypto bear market. And that was without a global recession, a bear market for stocks, and inflation ripping to new highs in many developed countries.
ETH’s price critical resistance and support levels. Source: Justin Bennett via Twitter
A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.
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