Ethereum: Is the merger just another news selling event?

The merger was successful for Ethereum [ETH]. Wait…but it’s not because ETH continues to drop despite this release.

The token’s continued decline has drawn the attention of analysts across the cryptocurrency industry to give their year on the matter. Kristen Kim, a researcher working on Galaxy Digital, also joined the conversation with her valuable input. In a recent thread, Kim discussed why the price of ETH has continued to drop since the merger.

First, Kim cited the “overall deteriorating background” as one of the main reasons for ETH’s frequent downturn. She believes that these macro conditions continue to cause a decline in all risky assets including conventional stocks.

Kim then moved on to the second reason as she tackled a major market rumor that a merger is a “news sale event”. This reputation has continued to constrain Ethereum to attract traders despite its “long-term positive effects.”

alternative dilemma

The ETH coin has continued to slide as mentioned above, trading just below $1,450 at press time. According to data from Coin Glass, the coin is down 3% at the time of writing, with weekly losses now accelerating to 17%.

This price movement allowed FUD to stabilize in the crypto market as the consolidation was expected to rebound on the crypto runway. However, the recent FOMC meeting and subsequent CPI report halted any upward momentum.

There was another important indicator from the Ethereum network published Written by Lucas Nuzzi, Crypto Security Researcher. In a recent tweet, Nuzzi claimed that Ethereum miners were getting revenge on the recent sale. According to his account, Ethereum miners sold up to $4.8 billion ETH Only in the last 48 hours.

Source: Lucas Nuzzi / Twitter

Despite these obstacles, a rare glimmer of hope appeared on Ethereum on September 17, as reported by blockchain analytics platform Glassnode. According to another ModernizationThe exchange volume (7d MA) of ETH reached a one-month high of $27,526,216.

Source: Glassnode

Where does that leave ETH permission?

While the bearish effects continued to wreak havoc on major crypto assets, Ethereum was able to successfully launch the merger. Popular crypto investor Arthur Hayes, co-founder of 100x, has voiced his support for the merger.

Use the net ETH emissions to show how energy emissions will decrease now that the network has moved to a Proof-of-Stake network.

Leave a Comment