The FOMO May Put an End to the Ethereum Rally Soon! What Next For ETH Price?

Following yesterday's increase, the market is experiencing a slight correction, and the majority of coins are trading in the red. After Bitcoin's (BTC) decline, Ethereum (ETH), has dropped 1 percent in the last day. Now, the $1,600 level needs to be closely watched.

Timeline of Ethereum

Investors are probably not that convinced of Mark Zuckerbergs metaverse plans for Facebook, a sentiment reflected in the decline of the companys shares in the past six months. Now, even Ethereum founder Vitalik Buterin is predicting that the social media giants metaverse plans will likely fail.

Ethereum 2.0 is one of the most important developments the crypto money industry is looking forward to. Ethereum 2.0 will change the consensus mechanism from Proof of Work to Proof of Stake.

U.S.-based crypto exchange Coinbase Global Inc (NASDAQ: COIN) is expanding its Ethereum (CRYPTO: ETH) staking offering for domestic institutional clients. What Happened: In a blog post on Monday, Coinbase said that institutions can enjoy an end-to-end staking experience on Coinbase Prime.

A popular cryptocurrency analyst has suggested that Ethereum ($ETH), the second-largest cryptocurrency by market capitalization, could unexpectedly surge toward $5,000 as we get closer to the upcoming Merge upgrade.

Ethereum has been at the forefront of the crypto market recovery in recent times. This is because the price of Ethereum had rallied following an important update regarding the upcoming Merge, and the market had recovered in kind.

Staking allows investors to earn a yield on their cryptocurrencies by committing them to a pool of assets, which helps support the liquidity and operations of a blockchain ecosystem. The post Coinbase to add ETH staking option for US institutional clients appeared first on The Block.

Ethereum price analysis is bearish today as we have seen a break past the $1,700 support and a slow push towards the $1,600 next support. Therefore, we expect even further downside to follow over the next 24 hours, likely leading to further retracement from the last swing higher.

What happened: On Sunday a total of 691.89 Ether (CRYPTO: ETH) worth $1,146,171, based on the current value of Ethereum at time of publication ($1,656.57), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Ethereum has been experiencing a slowdown in its bullish momentum over the weekend. The cryptocurrency managed to break the critical resistance at $1,700 but could re-test previous support levels before reclaiming higher levels.

The third-biggest whale on the Ethereum (ETH) network grew its wallet balance by almost $800 million in the month of July. According to blockchain tracking service Etherscan, the whale known as Naruto went from a balance of just over $1.71 billion on July 4th to over $2.5 billion at time of writing.