Cryptocurrency analyst explains why Ehtereum may collapse

Cryptocurrency analyst Justin Bennett has warned that Ethereum could fall by 45% if the asset does not hold at the current rate. The expert believes that Ethereum is currently testing the neckline (a type of trading pattern) within the head-and-shoulders pattern. If the asset fails to stay at this level, its rate will fall to $ 800.

It should be noted that before Ethereum switched to the Proof-of-Stake (PoS) consensus algorithm, analysts warned that The Merge risks increasing the number of cryptocurrency fraudsters and hackers in the Ethereum network. PoS is less secure than PoW, so the update will make the Ethereum blockchain more vulnerable to various cyberattacks. Unlike PoW, the green blockchain informs node validators in advance which blocks will be verified, thus allowing hackers to plan attacks.

Justin Bennett also drew attention to the total capitalization of the cryptocurrency market (TOTAL). Bennett warned that this indicator may face upward resistance. The TOTAL line is currently at 2015 levels and stands at $ 1.004 billion, down 7.9% on the week.