Ethereum has migrated from Proof-of-Work (PoW) to Proof-of-Stake (PoS) successfully on 15 sep 2022. Victalic Buterin has greeny announced that power consumption of the network has reduced by 99.992%, cut global power usage by 0.2%. Thats a good news for the green future of our planet, but how does it affect the ETH price? Miners were stranded out of the bussiness, ASIC and videocards are now in a big sale in the second hand market, flooded with videocard, and the price keep go down. The same thing happend to the ETH price, yesterday`s miners also sell ETH, and make a strong sell in the market.
Overallwith the global market, tension between Ucraina and Russia does not bring positive groove for the crypto market.
The next support is at 830 usd for 1 ETH. The trend is still looking down.
Trade smart, keep calm, not hush.