Perfect storm in Ethereum – Why the price may drop to $1,000

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Ether has retreated below the initial support of the 50-day moving average

Perfect storm in Ethereum - Why the price may drop to $1,000

Even at 1,000 dollars the price may fall further – Ether, the native coin of the Ethereum blockchain, due to the volatility of the second largest cryptocurrency by market capitalization in view of its upcoming upgrade (Merge) and its transition from the Proof of Work to the protocol Proof of Stake.

In particular, technical indicators that “measure” momentum and price trends suggest that the token’s decline from a peak of about $2,000 in mid-August to the current zone near $1,500 is likely to continue.

“Ether has retreated below the initial support of the 50-day moving average, increasing the downside risk, with short-term momentum now negative.” said Katie Stockton, co-founder of Fairlead Strategies, who added that “weekly stochastics have a downturn for the first time since April”, which suggests that the $1,000 support may be tested in the coming days.

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