The majority of popular digital assets declined during the course of the week, and by the weekend, market leaders, Ethereum and Bitcoin had registered double-digit percentage losses.
Due to the rising dollar and increased risk-off attitude, the price of ether dropped from its recent top of $2,024 to the level of $1,585, representing weekly losses of more than 20%.
In the upcoming days, current price action anticipates bulls willing to take a chance can try to cut their losses in the 1370-$1420 range with an invalidation marker at $1270.
The leading altcoin has a market value of $193 billion at the time of writing. It has a circulating supply of 122,048,117 ETH coins and the max. supply is not available.
What you should know
Ethereum core developers are working to get the alternative coin ready to switch from proof-of-work to proof-of-stake. The community was made aware of the problems found in the eleventh mainnet shadow fork, a crucial test for the altcoin’s seamless Merge implementation.
In a recent tweet, Ethereum core developer, Tim Beiko gave updates from all devs’ calls. The two problems that surfaced following the Merge in the eleventh shadow fork were identified by Beiko. Shadow forks are similar to devnets in that they copy the state of a devnet or mainnet rather than having their own state. Developers can evaluate the potential problems before, during, and after the Merge using shadow forks.
Beiko reported two problems following the Merge in the eleventh shadow fork. The first was the creation of a faulty block, which also occurred on the Goerli testnet. The second is the block production that Nethermind engages in when dealing with client pairs.
Recall how Ethereum’s price has been slowly rising in recent weeks due to expectations surrounding its impending “merge” upgrade, which will see the network switch from the energy-intensive proof-of-work (PoW) consensus process to the 99.95% greener proof-of-stake (PoS) mechanism.
In a statement to investors on Wednesday, financial behemoth, JPMorgan said that Coinbase will benefit from the Ethereum merger. The cryptocurrency exchange provides institutions with an Ethereum staking service and currently owns 15% of the market share for Ethereum assets. After the merger, JPMorgan believes these will offer the exchange a competitive advantage.