Ethereum (ETH) has dropped mercilessly in the last two weeks, trading below the $1800 mark. However, due to a successful Merge on the Ropsten testnet, favourable on-chain statistics, increased whale holdings, and other positive variables, prices may be able to stabilize at current levels.
On June 8, the Ethereum team successfully completed the Merge on the Ropsten testnet, without any problems or challenges.
The value of ETH stake has reached over $22.78 billion, according to Glassnode data, and is ready for the forthcoming main-net Merge to proof-of-stake (PoS). This amounts to 12.8 million ETH, or 10.78 percent of the total supply.
Whales Hint Towards Stability
Furthermore, despite a drop in Ethereum pricing, the top 10 Ethereum whales have more ETH than the top 10 crypto exchange addresses, according to the on-chain platform Santiment. It shows that whales believe that the Ethereum price will remain stable at current levels.
After getting 54 percent support, the ApeCoin community has agreed to keep ApeCoin (APE) within the Ethereum ecosystem.
Wintermute, a market maker, is also planning to build the Bebop decentralised exchange (DEX) on Ethereum.
As a result, as the number of projects that support the blockchain grows, the odds of price hikes grow as well.
Bulls vs Bears
This week, the Ethereum price surpassed $1,800, giving traders hope that the token may eventually break above the $2k barrier before the end of the week. Whether the bears or bulls take control of the Ethereum token will determine whether it can advance past the $2k threshold.
If the price continues to rise, Ethereum will face resistance at $2,200 or $2,400. This means Ethereum might burst through the $2k barrier and hit $2.5k before the end of the week.
If the bears gain control, it might be possible for Ethereum to break through the $1,700 support level and reach $1,300 level.