Cryptocurrency analyst, known by the username “InvestAnswers” ​​on social media, shared his thoughts on the latest situation in the market in a recent Youtube broadcast and evaluated the current technical view. The analyst pointed to near-term critical price levels for Ethereum (ETH) and Solana (SOL).

The cryptocurrency analyst evaluated the current technical outlook, pointing to near-term critical price levels for Ethereum (ETH) and Solana (SOL). The analyst stated that ETH, which has gained an upward momentum in recent weeks, should stay above the $ 1,600 levels in the near term and suggested that it can start a strong upward movement with the market rising again. On the other hand, the analyst drew attention to the upward trend by pointing to the increase in ETH outflows in crypto money exchanges recently.

ETH SOL

The analyst stated that the technical outlook also gives bullish signals for Solana and that with the recovery of the market, it can catch a strong upward momentum.

The leading cryptocurrency Bitcoin (BTC), which started the day with a decline, fell to $ 22,900. Most cryptocurrencies in the market have accelerated their losses since the start of the week. Ethereum (ETH) started trading at $1,585 with its recent depreciation. The total market cap of cryptocurrencies has dropped to $1.09 trillion. On the other hand, volatility in the market also increased. According to Coinglass data, nearly $200 million worth of short and long positions have been liquidated in the cryptocurrency market in the last 24-hour period.

EthereumNews Are Danger Bells Ringing Before Merger On Ethereum?

As Ethereum counts the days to transition to the Proof of Stake consensus mechanism, the altcoin's community is faced with a miner threat that could be spearheaded by a miner and split the network in two with a fork.

The idea was revived after Chandler Guo, a powerful Chinese cryptocurrency miner and investor, took to Twitter last week to fork the ETH Blockchain in what he called “ETH POW” and announced that it will fork in a way that allows miners to continue their operations after the merger in ETH. gained strength.

eth mine

The merger, planned for the coming months, will move ETH from proof-of-work (PoW) consensus to proof-of-stake (PoS) consensus. This will eliminate the need for transactions to be verified by miners who buy graphics processing unit (GPU) chips, spending billions of dollars to produce new blocks.

For this reason, ETH developers have long predicted that the merger would not be welcomed by miners, and have been making arrangements to counter their interference, including a “difficulty bomb” that would make it significantly harder to generate new blocks. But even if miners can't stop merging, they can clone this altcoin and create their own version of the network where the transition will never happen. The question is whether they can persuade others to use their forked version. Chandler Guo has some experience here. Guo took part in the fork of Ethereum in July 2016, which resulted in the formation of Ethereum Classic. Now, Chandler Guo wants to repeat this success by collecting enough hash power, which is a measure of the success of crypto mining, and persuading other miners to join him.