(CTN News) – Ethereum (ETH-USD) fell 16% to $1,237 this morning due in part to a potential delay in the rules governing ETH’s mining. Analysts are forecasting a wide range of Ethereum prices.
Changes to ETH’s mining algorithm, which would reduce the number of miners, are being postponed, Bloomberg reported. Plans to switch Ethereum to a greener, “protocol based on stake” from its current “proof-of-work” standard in August remain on track, the news service reported, citing “developers.”
Worries about interest rate hikes amid high inflation are also contributing to ETH’s decline.
Technical Analysis and Ethereum Price Predictions
As reported by FXEmpire, “Technical indicators such as the RSI are deep in oversold territory for [ETH] at the moment.” The website added, however, that “while there could be a minor bounce to the upside, the bear market is only deepening, meaning more pain for ETH and all cryptocurrencies for some time.”
Additionally, analyst Alan Kreuger noted over the weekend that ETH reached $1423, its peak during crypto’s last surge last year. The currency has since fallen well below that level.
According to FXEmpire, “technical analysts predict a massive breakdown in Ethereum prices following the formation and confirmation of the head and shoulders pattern.” Additionally, one analyst believes the crypto will drop to about $650.
GovCapital is less bearish, predicting that ETH will jump to $3,810 next year. WalletInvestor forecast Ethereum’s price would surge to $3,063 in 12 months.
At approximately 9:00 a.m., ETH was changing hands for $1,237, slightly above its low for the day of $1,191. This was also a 52-week low for ETH .