Ethereum price risks a drop below $1K if these key price metrics turn bearish
Ether (ETH) price is down 37.5% in the last seven days and recent news reported that developers decided to postpone the network’s migration to a proof-of-stake (PoS) consensus. This upgrade is expected to end the dependency on proof-of-work (PoW) mining and the Merge scalability solution that has been pursued for the past six years.
Competing smart contracts like BNB, (ADA) and (SOL) outperformed Ether by 13% to 17% since June 8 even though there was a market-wide correction in the cryptocurrency sector. This suggests that the network’s issues also weighed on the ETH price.
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