A historic event in the cryptoland had just concluded. Happy Merge to all!
Ethereum (ETH) has officially switched to Proof-of-Stake from Proof-of-Work. This switch, also known as the Ethereum Merge, is expected to cut down the network’s energy consumption by 99%.
Following the completion, Ethereum (ETH) and Ravencoin (RVN) are enduring price volatility. The future of Ethereum after this switch remains uncertain, leaving investors in question about its long-term viability.
The market turns to The Hideaways (HDWY), who are smashing their presale and already in Stage 2 after announcing a 100% price increase happening on Friday at midnight PDT.
Ethereum (ETH) Had Just Fallen Below $1,500
Ethereum (ETH) had just fallen to an important support line found at $1,500. At press time, the coin is trading at $1,498.00, down 5.05% during the day. The recent dent erased all the gains made in the previous week, with the price showing a 9.15% decline in the last 7 days.
The questionable future of Ethereum’s switch to Proof of Stake is driving volatility to its token price and to all other projects that are built on its ecosystem.
Ethereum’s RSI shows a pattern reversal, having fallen from 61.24 to 42.02. Analysts warned that the selling streak will not stop from this level and we can expect more investors to sell their holdings in the coming days.
Trading volume has increased from the previous day to $5.92 billion. Traders are taking a chance to profit from day trading, given the heightened volatility.
We expect the price to fall to $1,403.05 if buyers fail to provide support at the $1,500 level.
Ravencoin (RVN) Erased All Advances, Down
Another early casualty in the Merge event is Ravencoin (RVN). The token gained unexpected traction early this week with the anticipation of former Ethereum miners’ migration to the blockchain as they abandon the now-obsolete P-o-W project.
True enough, Ravencoin’s hash rate almost doubled from 8.9 terra hash per second to 15.9 a few hours after the Merge concluded. However, even this is not enough to ditch investors’ inhibitions over the Merge’s long-term effect in the broader crypto market.
RVN is last seen exchanging hands at $0.059, down 16.89% for the day. This erased some of the losses it made from the previous week, but the coin is still up 60% in the 7-day charts.
In the near term, the technical indicators hint a fall to $0.056 but the coin can stage a sharp bounce back to $0.073 at this level.
The Hideaways (HDWY) Offering 100% Gains If You Invest Before Midnight Tonight
Investors looking for a steady long-term investment can turn to The Hideaways (HDWY) for now – a new crypto project that functions more like a REIT.
The ongoing volatility with Ethereum is expected to last until time provides an answer to those questioning if Ethereum has made the right decision to switch to PoS – which is not anytime soon.
The Hideaways (HDWY) is currently priced at $0.01 as a presale offer. Personally, we think this is such a steal given the coin’s long-term potential.
Being in the luxury real estate business, The Hideaways (HDWY) offers investors a steady income source through monthly rental income. All of this without needing to shell out a big initial investment – $100 can afford a fractionalized The Hideaways NFT that is backed by a real-world property.
Check them out:
Website: https://www.thehideaways.io
Pre-Sale: https://ticket.thehideaways.io/register
Telegram: https://t.me/thehideawayscrypto
Twitter: https://twitter.com/hdwycrypto
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
