Ethereum (ETH) Market Update 07/24

With the crypto market looking upbeat as we begin a new week, Ethereum technical indicators are mainly in neutral positions. This follows a week of positive performance by the digital asset.

Ethereum’s Relative Strength Index (RSI), which measures whether the cryptocurrency is overbought or oversold, has the latest value of 51, according to data given by community-driven crypto analytics site CryptoQuant. There were times recently when RSI levels hovered around 38 for Ethereum.

When the Relative Strength Index (RSI) rises over 70, an asset is considered overbought, and it is considered oversold when the RSI falls below 30. The range of values between -30 and -70 is regarded as a middle ground.

Ethereum’s stochastic oscillator shows a value of 67.4, suggesting a neutral outlook for the cryptocurrency. The price movement momentum of a financial asset is often assessed using the Stochastic oscillator. It is primarily used to spot any asset price reversals that may be on the horizon.

Since the beginning of July, Ethereum has been hovering around the $1.2k level. In spite of its recent rise, the asset’s highest value this month stands at $1,630.7. Despite this, the majority of technical indicators point to Ethereum’s value increasing in the near future.

One of the most eagerly awaited events in the crypto industry is the Merge, which will see Ethereum’s blockchain switch from a Proof-of-Work consensus process to a Proof-of-Stake one. Preparatory modifications are currently underway for the Merge, which will be fully operational in August.

A prominent Ethereum testnet known as Sepolia has switched from proof of stake to proof of work. The Sepolia upgrade was the Ethereum blockchain’s second-to-last upgrade before The Merge’s impending arrival.

On June 30th, the Ethereum team announced the “Gray Glacier” network update, which took effect at block 15,050,000. To prepare the chain for proof of stake, the devs moved the difficulty bomb back 700,000 blocks or 100 days using Gray Glacier.

At the time of this writing, the price of Ethereum (ETH) is $1,601. During the previous seven days, it has risen by 19 percent and by 6.09 percent in the last 24 hours. In comparison to its all-time high of $4,891 in November of last year, this may seem like a letdown, but the asset has held up well through these trying times and is poised for a rise this quarter.

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