Ethereum The network successfully merged on June 8 to become a proof-of-stake on its Ropsten testnet, but the news has had little effect so far on the price of ETH. Ethereum price was marginally unchanged at the time of publication, trading at $1,810 at the time of publication.
I #ethereumTop 10 non-exchange vs. exchange addresses maintain a high ratio $ETH Ownership on the top 10 non-exchange whales. With 3.4x more coins, there still appears to be confidence that prices may stabilize. https://t.co/sjd56it6eI pic.twitter.com/JM1jR0a2vw— sentiment (@santimentfeed) 9 June 2022
Traders anticipate that the price of Ethereum may soon stabilize as exchange addresses own around 3.4x more ETH versus non-exchange addresses.
Ethereum tested the support at $1,725 on June 7 after hitting a high of $1918 on the first day. The price is currently confined between the downsloping daily MA 50 and $1,700.
This could lead to a range expansion, which could pave the way for the next directional move. If buyers push the price above the $1,918 high, Ethereum is likely to face the next important resistance at $2,261, where the bears can create a strong defense. If the price falls below this, the pair may remain inside the current range for some time.
A break above $2,261 could signal the start of a bottoming process, while a break below $1,700 could mark the start of a new bearish move.
Ethereum’s Ropsten Merge Launched Successfully
Ethereum passed a crucial test ahead of the much-awaited proof-of-stake transition. According to Ethereum Developers, Ropsten Testnet Merged successfully.
Reunion is coming.
#ethereum The community has successfully completed the merge into the Ropsten testnet.9 June 2022
According to Ethereum core engineer Tim Beiko, the first post-merge block of transactions was completed around 12 o’clock New York time, indicating that the merge was completed on the testnet.
“The network is stable, but there are some minor (known + expected) issues that we are considering,” Biko said in a message. “Overall, though, things are looking good.”