Ethereum 4H resistance in moving averages

1

Following the proven chart on the four-hour time frame, we see that Ethereum yesterday failed to break above the Fibonacci 61.8% level to $ 1753 and bounced down, asking for better support. He finds current support at the 38.2% level at $ 1577, making consolidation here now. All moving averages are now on the bearish side, creating the image that Ethereum may continue to fall in price first to $ 1,500, testing the Fibonacci level of 23.6% to $ 1,468.

Ethereum

Ethereum

On the daily chart, we see that Ethereum is testing the bottom trend line, which may be a potential subspecies, but still, the bearish scenario prevails for now in the next short term. We can assume that if we see a break below that line, the bearish trend will continue even maybe to the price of $ 1000. It is best to wait a few days to see if we will confirm the chart for such a scenario.

ethereum

ethereum

From the news for Ethereum, we will single out the following: Currently, both Bitcoin and Ethereum use the PoV consensus algorithm to maintain the entire network. In PoV, use computer resources to solve cryptographically challenging puzzles.

If you succeed, you must add your block to the main blockchain and receive a reward for the block. Although this procedure is extremely safe, it can be expensive and very wasteful. In fact, the Bitcoin network consumes more energy than the country of Austria.

Ethereum Transitions To PoS. The role verification mechanism (PoS) turns this whole mining process into a virtual one. In this situation, the user’s hash power is directly related to the size of the stakes or the coins’ age instead of the amount of mining equipment he owns. This PoS integration is one of the main points of discussion about the ETH 2.0 transition.

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