Ethereum to mearge to Proof-Of-Stake
Ethereum core developer Preston Van Loon told a panel at the Permissionless conference on Thursday that “if all goes according to plan,” there’s a good chance that Ethereum will undergo the Merge upgrade by September.
Justin Drake from the Ethereum Foundation, who also participated in the panel discussion, expressed his “strong hope” that Merge will be upgraded before the difficulty bomb in August.
BTC back at psychological support level
The main cryptocurrency market continued to trade in choppy trading on Thursday, while U.S. stocks fell further against the backdrop of volatile intraday trading.
BTC has returned to the $30,000 range after gaining 3.4% in the past 24 hours.
However, on the hourly chart of BTC, a major bearish trend line is forming with an upper limit near $30,500, suggesting that the number one cryptocurrency by market cap may have limited near-term upside gains.
If BTC fails to pick up the pace to break above the $30,500 resistance, it could start a new downtrend and test the previous support established in the $28,500-$29,700 area.
ETH has remained highly correlated with the price action of BTC.
ETH also gained 3.5% in 24 hours, successfully recovering to $2,000 as BTC recovered several key psychological support levels.
Most of the major altcoins also largely turned from losses to gains, with ATOM and XRP leading the pack with double-digit percentage gains.
Still, overall market sentiment remains subdued as macroeconomic conditions remain a headwind for risk assets.
The aforementioned headwinds include, but are not limited to, the combined effects of inflationary pressures, aggressive monetary tightening by the U.S. central bank, and the prospect of a looming recession.
On-chain, the total supply of profitable BTC is hovering around 60%, indicating that there is still room for a pullback in the current cycle.
Especially compared to the historical data of previous bear markets – the supply of profitable BTC in the past plummeted to a low of 40%.
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Comment by Hans
April 24, 2024
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