The future of the second-largest cryptocurrency is hampered by the US dollar index’s recovery. On Thursday, the price of Ethereum (ETH) showed just slight decreases. Ethereum Consolidates On July 21, price movement in the cryptocurrency market as a whole was mostly muted as traders took a day to digest recent gains and book profits after the strongest relief bounce since early June. The Ethereum Merge has remained at the top of the list despite rumors regarding what sparked the recent spike. After a preliminary date of Sept. 19 was chosen for the mainnet Merge, the market rally accelerated. The price of Ether (ETH), which reached a high of $1,620 on July 20, retraced to a low of $1,463 in the early trading hours of July 21, according to TradingView data, and has since recovered back above support at $1,500. ethereETH/USD back around $1,500. Source: TradingView Following the initial price spike caused by the Merge news, here is what various analysts anticipate will happen as Ether’s mainnet switch to proof-of-stake draws near. Market analyst Rekt Capital posted the following chart showing the significance of Ether’s weekly finish over $1,300 and subsequent rise higher, describing the retreat on July 21 as a good development. Rekt Captial said: “Though #ETH could just continue higher to reach the upper orange region, it would be healthier for ETH to dip. Such a retest of the lower orange area would only increas...
