By
Temitope Olatunji
April 18th, 2024
The Ethereum community doesn’t want to accept the planned hard fork on ProgPoW. The Ethereum price fell to $212 but has already started to grow again.
Ethereum, one of the top-rated crypto assets by market capitalization, fell to $212 during the early trading hours of the European session. However, using the ETH derivative with the U.S. dollar, it has broken the downtrend in the 1-hour time frame. The analysts believe that the drop of Ethereum may be related to the fact that the community doesn’t want to agree on the ProgPoW implementation.
Ethereum has in the past few days denied traders in the long position profits after experiencing a strong resistant level at $277. After forming a head-and-shoulders in the higher time frames, the bears have been pushing the market deeper by the day.
With the week nearing to end, if the market price retests the support zone hit today and re-bounces, hopes for the asset investors will be rejuvenated once more. However, if the price breaks beyond today’s support level to trade below, it will be a red alert for the Ethereum community that is currently divided on the oncoming hard fork.
Since the market price dropped to hit around $800 back in 2018, the price has been trading horizontally without either the bulls or the bears showing the tenacity to win in the fight. However, some analysts will argue that the bulls are winning slowly because they have been able to stop the price from bleeding any more.
On the daily and weekly chart, the Ethereum market chart is indicating a rising wedge that is in the early stages of developing. Overall since the year began, Ethereum has been doing quite well and indicating it might retest the all-time highs sooner than most think.
With a finite supply to be met at the end of the mining, if the demand of the crypto continues increasing or remain constant, then it is definite that the price will surpass the all-time high around $1,300. At the time of writing, the market cap stood at $25 billion, whereas, the 24-hour trade volume stood at $28 billion.
The current price of Ethereum is around $230.
Will ProgPoW Disagreements Affect Ethereum Price
As the Ethereum price struggled to maintain the initial uptrend, it is being faced by a new threat where its community is disagreeing on ProgPoW implementation. ProgPoW is a version of the proof of work algorithm that will help in the transition of the Eth-network to the proof of stake. The ProgPoW is designed in such a way that it helps in the Eth-ASIC miners and GPU push and pull.
With there being a huge group between those who support it and those who do not support it, the Ethereum community is left torn into two. This is not a good time for the community, who most are major stakeholders, to divide their unity as the crypto space is evolving.
Other crypto asset like XRP is gaining ground and making big moves in the market despite the negative trend. It is a warning to the Ethereum at large as it might be passed by other upcoming crypto assets.