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Ether still coming to terms with new format

15 Sep, 2022

This week the crypto news has been all about Ether and its new software upgrade and staking wallets. This has allowed the for an estimated huge reduction in the amount of energy consumption required to operate the coin and transactions with it. The attractiveness of this for investors is said to also come from reduced supply and an envisaged higher yield return for holding the coin. This news accounted for the recent rebound, to back above $1750 earlier this week. However, it has not quite lived up to the frenzied billing and since peaking at 1758 on Tuesday, the price has fallen to as low as 1553 the very next day. It is trying to rebound today, but so far that rebound has stalled at 1654 earlier on. It is back below 1600 right now and there is a clear risk that the hype might soon belie the reality. That would be the case, if the price drops below 1550 from here. Such a drop, if seen could reopen the most recent lows from last week, at 1491. ETHUSD is just now trading at 1595
 

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