Ethereum Price Nearing $1240 Support Breakdown; Back To $1000?

This mid-week, the Ethereum price witnessed a minor pullback after hitting local support of $1240. However, the prices struggling to breach the immediate resistance of $1330 indicates sellers are defending this level aggressively.

Timeline of Ethereum

The number of Ethereum being issued daily has drastically been cut since the Merge, on-chain data show, suggesting that the asset is on its way to becoming deflationary. The post Ethereum Sees 98% Decrease in ETH Issuance Since Merge appeared first on BeInCrypto.

According to Dune Analytics, Ethereum Name Service (ENS) has recorded a spike in registrations so far this month. Here, it's worth pointing out that this uptick comes on the back of tremendous growth logged across the month of August.

Ethereum price analysis is bearish today as we have seen further consolidation and failure to break past the $1,350 resistance. Therefore, ETH/USD should soon see selling pressure return, leading back below $1,300 local support early next week.

Ripple CEO Brad Garlinghouse says his crypto portfolio includes Ethereum (ETH) and that he disagrees with the U.S. Securities and Exchange Commission's (SEC) latest statements regarding the leading smart contract platform.

With the Ethereum Merge event now successfully completed, new proof-of-work (PoW) forks have emerged to vie for miner acceptance. This, as the United States government, has warned that the post-quantum world is getting closer, and vulnerable cryptography will need to be protected. Amidst red hot inflation in the U.S.

Apart from the general market decline, which held ETH at the cycle lows, there were both positive and negative responses to the buildup to The Merge. About 4.19 million ETH worth $5.32 billion had already been sold by holders prior to the event on September 15.

Ethereum price has been trading within a descending trendline, which is a sign of bearishness. Over the last 24 hours, the Ethereum price has been different as the coin registered a 6% appreciation.

Uniswap [UNI] broke into the top cryptocurrencies held by the top 100 Ethereum [ETH] whales lately. According to prominent whale tracker, WhaleStats, UNI, shook off competition from other smart contracts protocol to gain the position.

Following the last red days, ETH has hit the support area between the white descending line and the price range at $1,220-$1,280 (in green). So far, the bulls have successfully maintained the high selling pressure; however, the situation is still fragile.

On Friday (September 23), Arthur Hayes, Co-Founder and former CEO of BitMEX, talked about how he expects the Ethereum ($ETH) price to change in the next few months. In a blog post published yesterday, Hayes said: “As I have said in various interviews, the only thing that I believe matters in the short term (i.e.