Dark Days Ahead For Ethereum! ETH Price At Risk Of Crashing Below $1K Soon!
The post Dark Days Ahead For Ethereum! ETH Price At Risk Of Crashing Below $1K Soon! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The Merge was successfully completed on September 15, but Ethereum (ETH) continued to decline as traders anticipated that a dip under the $1,700 mark would result in the opening of several short positions. Considering the hysteria surrounding the Merge, whales began liquidating their ETH holdings last month. A further decline below $1430 will be catastrophic for the asset, which has currently reached an inflection point.
A Dangerous Stage For Ethereum
In the week following the Merge, Ethereum’s market capitalization dropped by approximately $40 billion, and another $25 billion in that week alone. Whales leveraged the most anticipated event in the cryptocurrency market to unload their Ethereum (ETH) holdings just before the price drop.
According to the Merge story, experts had forecasted that the Ethereum price would drop, which it did as “whales†dumped over $1.5 billion worth of ETH in only two days. In reality, the price has reached a pivot point, with support coming in at $1,430 due to heavy selling by “whales.â€
Several crypto specialists have predicted that if the price of ETH drops below $1430, it might hit $1,000, a claim supported by analyst ali martinez 
ali martinez
Ali
[email protected].
TraderMarket Analyst
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.
Why Is Ethereum Capitulating?
Over $1.5 billion in ETH was dumped by whales over the previous 48 hours, according to Whale Alerts. The cryptocurrency exchange Binance has received a massive transfer of 240,099 ETH from an anonymous “whale†valued at almost $357.90 million. Additionally, many “whales†have made massive ETH transfers, totaling between $50 million and $100 million.
Additionally, on September 30th, options worth $2 billion in Ethereum will lapse, which is a cause for concern and can cause the ETH price to plummet further. Considering Ethereum is now a deflationary currency, its supply will decrease as well. As time passes, the number of ETH available will decrease because of the EIP-1559 burning mechanism. Nonetheless, statistics show that 400 ETH have been added to the supply since Merge.
What Lies Ahead For Ethereum?
During his tenure as SEC chair, gary gensler
gary gensler
chairman at US Securities and Exchange Commision
Gary Gensler is an enthusiastic leader and the current chair of the U.S. Securities and Exchange Commission (SEC). He has the extreme experience that spans wall street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. He announced several initiatives to enhance investor protections in the $2 trillion cryptocurrency market. He previously led the Biden-Harris transition’s federal reserve, Banking, and securities regulation agency review team.Â
He was awarded Treasury’s highest honor, the Alexander Hamilton Award, and also was a recipient of the 2014 Frankel Fiduciary Prize. He was born on October 18, 1957, into a Jewish family, in Baltimore, Maryland. Graduated from the University of Pennsylvania, earning a Master’s degree in Business Administration. Additionally, he is also a professor at the MIT Sloan School of management. He has served in various governmental roles since the 1990s, such as the treasury department, Sarbanes-Oxley, CFTC, Swaps, Enforcement, Libor investigation, Maryland Financial Consumer Protection Commission, Securities, and Exchange Commission.
Gary Gensler will probably keep on filling in as seat of the SEC until 2026, accepting his renunciation. He has expressed his desires to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages. A few officials as well as his kindred SEC magistrates have scrutinized Gensler for not giving adequate administrative direction on crypto, possibly prompting a standoff between Congress and the association.
The SEC, CFTC, and Financial Crimes Enforcement Network handle advanced resource guidelines in the U.S., however, each with various jurisdictional cases, bringing about an interwoven methodology that crypto firms should explore to work legitimately. Whether 2022 will see a more clear way for organizations in the crypto space is questionable, yet the cosmetics of the SEC’s initiative will fundamentally change following the takeoff of chief Elad Roisman in the first month of the year. Chief Allison Lee’s term is likewise set to terminate in June 2022.
Chairman
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had hinted that the Merge had rendered Ethereum safe. According to him, the “Howey Test†security criteria are met by any PoS cryptocurrency or issuer that lets holders stake their coins.
Therefore, ethereum
ethereum
Blockchain NetworkTechnology
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switch to PoS will have lasting consequences. The next move will be Surge, Verge, Purge, and Splurge which will mark the subsequent stages of the Ethereum Roadmap.
