The Merge Plans To Support Only NFTs That Are Based On The Ethereum Blockchain

The Ethereum Has Located Just Above The Key Short-Term Technical Support

Crypto Industry News:

OpenSea, the world's largest NFT market, after The Merge enters into force, plans to support only those NFTs that are based on the proof-of-stake version of the Ethereum blockchain.

"First and foremost, we are solely committed to supporting the NFT in the updated PoS [Proof-of-Stake] chain"- said OpenSea in a series of tweets published at the end of August.

This is important information because the platform is a tycoon when it comes to NFT trading. So far, Ethereum-related NFTs have been sold on it for around $ 31 billion, The Block reports. All of this sum - which eclipses the volume of NFT transactions linked to other blockchains - is for NFT trading, which is backed by the current version of Ethereum, which is based on Proof-of-Work (PoW).

The aforementioned The Merge - the final stage of Ethereum's transition from PoW to PoS - means that Beacon Chain and its validators will become the new foundations of the ETH blockchain network. This will affect many different cryptocurrency projects that are already busy preparing for the switch.

An example of the above would be the Ethermine mining pool. As of this writing, there are 222,657 active miners on Ethermine, totaling 261.1 terra hash per second (TH / s). After September 15, the pool will still support PoW mining, but only ethereum classic (ETC), ravencoin (RVN), ergo (ERGO) and beam (BEAM) will be affected.

Technical Market Outlook:

The ETH/USD pair has broken above the technical resistance seen at $1,530 - $1,559, is up 13,67% and the market is consolidating the recent gains above the upper channel line. The local high was made at the level of $1,618, so the next target for bulls is seen at the level of $1,654. The key short-term technical support is located at the level of $1,358 and if clearly violated, then the next target for bears is located at $1,281. The momentum is positive, however, there is a bullish divergence seen on the H4 time frame chart between the price action (last low) and momentum. The larger time frame trend (daily and weekly) remains down until further notice.

Weekly Pivot Points:

WR3 - $1,532

WR2 - $1,486

WR1 - $1,468

Weekly Pivot - $1,444

WS1 - $1,424

WS2 - $1,400

WS3 - $1,355

Trading Outlook:

The down trend on the Ethereum might have been terminated at the level of $880. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next target for bears is located at the level of $1,358. The key technical support for bulls is seen at $1,281.

 

Relevance up to 08:00 2022-09-03 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Read more: https://www.instaforex.eu/forex_analysis/291135

The Ethereum Has Located Just Above The Key Short-Term Technical Support

InstaForex Analysis

Instant Trading EU Ltd. is the CFD broker operating under the brand instaforex.eu, regulated by CySec with license number 266/15.

Besides CySEC, Instant Trading EU Ltd. is also supervised by the Czech National Bank (CNB), the Slovak National Bank (SNB), and the Polish Financial Supervision Authority (KNF). InstaForex.eu has branches in the Czech Republic, Slovakia, and Poland, where it provides support in local languages. InstaForex.eu is a member of the Investor Compensation Fund (I.C.F) which is an additional security for the client's funds.

InstaForex.eu offers access to around 2,500 instruments (CFDs in Stocks, ETFs, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Stocks) and the MT4 and MT5 platforms,trading accounts in EUR, USD, PLN, CZK, GBP.

More information at: www.instaforex.eu

 

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.44%. of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.