• Ethereum price crashed by more than 10% on Monday after the replay attack

  • ETH price has been weak since a successful PoS shift

  • The cryptocurrency faces drop to $1,250 and potentially $1,000

Despite the Ethereum merge occurring successfully, the native token ETH/USD has disappointed. On Monday, the price fell by double digits, touching a low of slightly below $1,300. That makes the total losses in the Merge week 25%. How far can the price fall further?

A replay attack reported on Ethereum Proof-of-Work accelerated the decline in price over the weekend. On September 18, BlockSec found that the attack occurred through a replay of a message from the PoS chain. That was because the bridge failed to authenticate the chainID accurately. The attackers are said to have moved 200 WETH via the Omnibridge. They replayed the transaction on the PoW protocol to get another 200ETHW.

The Ethereum team has confirmed the attack. However, it says the transaction replay did not occur on-chain. Rather, it was a call data replay due to shortcomings in the contract. 

As the situation unfolds, investors seem to have exercised caution. For a chain upgrade that is just days away, the attack dampens sentiment, which is affecting ETH price. At the current price, ETH buyers have to come in quickly. Otherwise, the price could head to $1,000. 

Technical outlook shows Ethereum under pressure

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETH with OKX today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy ETH with Binance today

Source – TradingView

A break below $1,400 minor support makes ETH vulnerable. The MACD signal has dipped further into the bear zone. The next potential support is $1,250. ETH at $1,000 is still a possibility, the main support zone. That’s partly due to the Ethereum concerns and the broader weak crypto sentiment. We insist on watching for proper reversal signals at $1,250 before buying.

Conclusion

Ethereum price could touch $1,250 and proceed to $1,000 if the bear market continues. Investors should not buy at the current level.

The post How realistic is $1,200 in Ethereum price post-Merge? appeared first on CoinJournal.

By admin

Leave a Reply

Your email address will not be published.