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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Ethereum Crosses $1,700, But Could Return To Path Of Pain, Expert Says

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Ethereum ETH ETHUSDT

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Ethereum (ETH) took off over the weekend and has extended its gains during today’s trading session. The second crypto by market cap could extend its gains, as “The Merge” becomes a certainty.

Related Reading: Market Sentiment Holds Steady As Bitcoin Aims For $24,000

The event that will complete Ethereum’s transition from a Proof-of-Work (PoW) to a Proo-of-Stake (PoS) consensus algorithm, “The Merge” has been set for September 2022. One of the most expected dates in the crypto industry, market participants seem divided on its short-term implications.

At the time of writing, ETH’s price trades at $1,770 with 3% and 5% profits over the last 24 hours and 7 days, respectively. As NewsBTC reported, $1,700 was a critical resistance zone for Ethereum as this level could provide more clues into ETH’s price direction.

If the cryptocurrency manages to flip this resistance level into support, the current bullish momentum might be sustainable and trigger a fresh bull run. The opposite might happen at ETH’s price current levels, the market could see a bear assault with new strength.

The above is based on an idea from Jarvis Labs looking at Ethereum’s 30-day returns, a metric used to measure the short-term profits and losses from crypto investors over that period. 3 weeks ago, this metric was trending toward 0% after moving in negative territory for a while.

In the past, whenever Ethereum flip its 30-day returns into positive territory, above 0%, the cryptocurrency’s price traded to the downside for a long time. Thus, why it’s critical that ETH’s price reaches higher levels.

Former Goldman Sachs employee Raoul Pal believes ETH’s price will return to a “path of pain”, in accordance with the theory explained above. Pal believes that market participants have been taking short positions expecting that ETH’s price fails to break above $2,000.

Ethereum ETH ETHUSDT
ETH’s price with important gains on the 4-hour chart. Source: ETHUSDT Tradingview

Will Ethereum Fail To Break Above $2,000?

These traders might be in for a surprise if Pal’s prediction is fulfilled as Ethereum could continue to trend upwards beyond expectations:

(…) my view is the bigger battle is around $2300 and the trend channel. Usually, correction channels like this don’t break on first attempt and correct sharply into the range first, but that is something for few weeks time possibly.

In that sense, Ethereum seems on route to fresh gains above key resistance levels, but traders should tread carefully as ETH’s price could re-test the lower channel of the following trend, as Pal said. This could place ETH’s price below its yearly lows at $900.

Related Reading: Decentraland Blooms In Green In Last 4 Days; Boosts Traders’ Appetite In MANA

If that happens, will ETH see long-term bearish pressure, or can “The Merge” push it into previous highs?

Ethereum ETH ETHUSDT
ETH’s price approaching the top of a major trendline at $2,000. Source: Raoul Pal via Twitter
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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