With just over two weeks left until The Merge, ethereum’s value against the U.S. dollar has lost all the gains the crypto asset recorded leading up to the hardened date. Although ether had climbed above $2K in August, it has lost 23% of its market capital over the last 14 days. Today, Ethereum is currently the most volatile cryptocurrency among the top ten coins. It lost close to 10% within 24 hours.
Market Observers Say ‘Ethereum Led the Pump, Now It Leads the Dump’
Superphiz was appointed as the Ethereum Beacon community director on July 14. Part of the shared a pencilled-in timeline concerning Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), and the unofficial timeline noted The Merge could happen on September 19. Since this date, ethereum’s USD value jumped significantly, reaching $2,030 per unit on August 14. Ethereum developers worked in the interim. Date hardened by The Merge by setting the consensus layer shift to when Ethereum network’s Total Terminal Difficulty (TTD) hits 58750000000000000000000.
From that day on August 11, ether’s USD value remained high, but the price fell approximately three days later. ETH’s value tumbled down to a low of $1,569 per unit on August 20, but managed to climb back above the $1,700 per unit range on August 25. On that day, two days ago, Ethereum developers published an official timeline for The Merge called the “Mainnet Merge Announcement.” Since the official news dropped, ether slipped below the $1,700 zone to $1,649 by Friday morning (EST).
Jerome Powell’s Jackson Hole speech on Friday caused an immediate downturn in equity and cryptocurrency markets, and ETH shed even more gains during Friday evening’s trading sessions (EST). ETH’s U.S. dollar value dropped to a low of $1,469 per ether on Saturday, August 27, 2022, and support around the $1,500 per unit rangea new organization has emerged. For now, it seems ‘The Merge trade’ is not holding up as well as many thought it would, and it very well could have been a ‘sell the news‘ event.
Many people believed that the hype surrounding The Merge was ending after ETH hit $2K per unit. “[Ethereum]It led the pump; now, it is leading the dump. Traditional markets may experience a reverse after the relief rally. [The Merge]All the hype has died [in my humble opinion]And [ethereum’s] local top is in,” one individual wroteOn social media, August 20,
“[Ethereum] is going to have a big retrace after the merge hype is over,” another person commentedYou can follow us at Twitter. The gains were also clocked by traders when ETH was at $2K in August. One person did not hesitate to share their findings. wrote:
Sold more ethereum today, idgaf about your merge, I’m 10xing my wife and kid’s quality of life.
Are you concerned about the Merge hype disappearing from crypto market valuations Please comment below to let us know your thoughts on this topic.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.