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Ethereum price risks a drop below $1K if these key price metrics turn bearish

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Ether (ETH) price is down 37.5% in the last 7 days and recent news reported that developers decided to postpone the network's migration to a proof-of-stake (PoS) consensus.

This upgrade is expected to end the dependency on proof-of-work (PoW) mining and the Merge scalability solution that has been pursued for the past 6 years.Competing smart contracts like BNB Token (BNB), Cardano (ADA) and Solana (SOL) outperformed Ether by 13% to 17% since June 8 even though there was a market-wide correction in the cryptocurrency sector.

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