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. In mid-August, ether managed to climb above the $2K zone but since then, the second largest cryptocurrency by market cap lost 23% over the past 14 days. Today, ethereum is the worst performing crypto out of the top ten largest coins, shedding close to 10% in 24 hours.
Market Observers Say ‘Ethereum Leads Pump, Now It Heads To Dump’
On July 14th, Ethereum Beacon Chain Community Director Superfizz share A penciled-in timeline relating to Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), and the unofficial timeline noted that the merge could take place on September 19. Since this date, the USD value of Ethereum has increased significantly, reaching $2,030 per unit on August 14th. In the midst of that time frame, Ethereum developers hard merge date By setting the consensus layer shift when the Total Terminal Difficulty (TTD) of the Ethereum network reaches 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 drop in equity and cryptocurrency markets, with ETH posting even higher gains during Friday evening’s trading session (EST). The US Dollar price of ETH dropped to a low of $1,469 per Ether on Saturday, August 27, 2022 and took support $1,500 per unit range has constituted. For now, it looks like ‘The Merge Trade’ isn’t going as well as many thought, and it very well could have been a ‘Sell the News’ event.
Many observers explained last week that it was possible The Merge hype was over right after ETH reached $2K per unit. “[Ethereum] led the pump, now it leads the dump. If traditional markets get a reversion after the relief rally, [The Merge] hype is over [in my humble opinion] and [ethereum’s] local top is in,” one individual wrote on social media on August 20.
,[Ethereum] There will be a big retrace after the merge promotion ends,” another person said. commented on Twitter. Furthermore, when ETH reached $2K in mid-August, many traders managed to capitalize on the gains, as one individual took the untraceable wrote,
Sold more ethereum today, idgaf about your merge, I’m 10xing my wife and kid’s quality of life.
