CryptocurrencyETH (Ethereum)Price Analysis

Ethereum (ETH) Crashes Despite Ropsten Testnet Success

  • ETH developer Tim Beiko announced success for the Ropsten testnet.
  • Ethereum network will delay the difficulty bomb by two and a half months while the Goerli & Sepolia merge event approaches.
  • Delayed difficulty bomb has Ethereum on extended declines, recording a double-digit fall.

ETH’s Ropsten testnet represented the altcoin’s milestone and substantial success. Developers observed 99% proposal and participation rates after solving the problems that emerged amidst the test. Analysts maintain a bearish stance on the Ethereum price.

ETH Delayed Difficulty Bomb

Ethereum developers have postponed the difficulty bomb by two & a half months. And that triggered concerns about the awaited merge in August this year. The updates of potential delate added to the declining momentum, and ETH led the downside pack.

For now, Ether has its price movements beneath the 50-day Exponential Moving Average, and experts forecast more declines in the second-largest crypto. The Ropsten testnet (a vital milestone for the alt) saw an impressive success. The platform saw 99% participation & improved proposal rate after configuring reboots and fixes.

Core developers resolved the identified issues during the process. Moreover, they declared delays on the merge’s arrival on the mainnet. ETH developers Tim Beiko announced the Sepolia and Goerlu merge in the coming three and six weeks, respectively. What’s the difficulty bomb? It’s a unique code pre-programmed within the Ether blockchain. It will swift the network to PoS from PoW.

The community believes the delayed difficulty bomb will translate to a delayed merge. That triggered a bearish sentiment among ETH holders.

ETH Might Extend Decline

A renowned cryptocurrency analyst Bob Mason trusts Ethereum should steady beyond the $1,460 since extended lows to sub-$1.4K would confirm downtrends. The altcoin has its second dependable support at $1,390, and analysts remain bearish on the token. A pseudonymous crypto analyst @bitbitcrypto believes ETH might extend its bloodbath. The road with fewer hurdles is downward.

Ethereum’s massive fall emerged as the entire crypto spectrum saw a bloodbath over the past day. While writing this blog, the global crypto market capitalization stood near 6.62% within the previous 24 hours. Also, Bitcoin’s 5.29% 24hr drop placed the bellwether crypto at $27,536.

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