Yesterday, at 13.00 UTC, the Ethereum test network switched to the PoS algorithm. This event was expected for several months. However, the market reacted very calmly. Ethereum's price remained at around $390.
Now ETH has entered a phase of consolidation, which was badly needed after growing by 50% over the past 10 days. However, we have not yet seen a real correction of the current growth. The short squeeze that occurred on August 2 cannot be taken as a full-fledged correction.
Because of this, our expectations is short in the near future. We expect to see a price of around $320. Only after that, it will be possible to talk about further growth. Now, according to most indicators (such as RSI, STOCHASTIC), Ethereum is in the overbought zone.
Now ETH has entered a phase of consolidation, which was badly needed after growing by 50% over the past 10 days. However, we have not yet seen a real correction of the current growth. The short squeeze that occurred on August 2 cannot be taken as a full-fledged correction.
Because of this, our expectations is short in the near future. We expect to see a price of around $320. Only after that, it will be possible to talk about further growth. Now, according to most indicators (such as RSI, STOCHASTIC), Ethereum is in the overbought zone.