With the “Merge,” ETH (Ethereum) Will Begin to Appreciate in Value

A recent source stated that Shanghai, an Ethereum hard fork, will debut in March of this year. To receive the token, holders of ETH must stake some or all of their coins. Because supply is increasing, ETH has a better chance of experiencing long-term price growth as more coins are locked into Ethereum contracts.

Since the Ethereum blockchain evolved into proof-of-stake (PoS) a few years ago, developers, investors, and cryptocurrency enthusiasts have had the chance to explore and develop new things inside the ecosystem. One of these recent developments allows investors to stake Ethereum for a large profit after a set period.

Key ETH Levels To Watch – January 16

A sudden expansion to the upside recently emerged after a long-term bearish season in the market. While the bullish move successfully broke the previous short-term high, the market’s overall trend is still bearish on the daily chart.
In September 2022, the price rallied into the liquidity pool to grab buy-side liquidity at $1790.00, above the right shoulder of a Head and Shoulders pattern. As a result, the environment shifted to the negative. Right now, Ethereum is overbought as indicated by the Stochastic indicator; a retracement or reversal is therefore looming.

ETH Key Levels

Resistance Levels: $2031.40, $1790.00, $1677.00
Support Levels: $1071.10, $879.80, $715.00

Total Market Capitalization: $989.38B
Ethereum Market Capitalization: $192.04B
Ethereum Volume: $8.23B
Market Rank: #2

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