With Ethereum (ETH-USD) tumbling 16% to $1,237 this morning, the crypto’s slide is being blamed partially on a potential postponement of a change in the rules governing Ethereum’s mining. Meanwhile, analysts are issuing wide-ranging Ethereum price predictions.
A change that will make it harder to mine Ethereum, therefore reducing the number of miners of the crypto, is being postponed, Bloomberg reported. However, plans to switch Ethereum to a greener, “proof-of-stake protocol” from its current “proof-of-work” standard in August remain on track, the news service stated, citing “developers.”
Among the other factor pushing down Ethereum are worries about interest rate hikes amid high inflation rates.
Technical Analysis and Ethereum Price Predictions
According to FXEmpire, “Technical indicators such as the RSI are deep into oversold territory for [Ethereum] at the moment.” The website, however, added that: “While there could be a minor bounce to the upside, the bear market is only deepening, meaning more pain ahead for Ethereum and all cryptocurrencies for a while.”
Additionally, analyst Alan Kreuger noted over the weekend that Ethereum reached $1423, its peak during crypto’s last surge in 2018. The currency subsequently, however, fell well below that level.
FXEmpire added that, “Technical analysts predict a massive breakdown in Ethereum prices following the formation and confirmation of a head and shoulders pattern.” Additionally, one analyst, Vince Price, believes that the crypto will sink to about $650.
Shortly before 9:00 a.m., Ethereum was changing hands for $1,237, slightly above its low for the day of $1,191. The latter level also represented a 52-week low for the crypto.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.