Ethereum Merger was widely talked about in the past couple of months as the bearish trend was expected to be ceased for a while. Nevertheless, the trend was flipped in a short time with the announcement of the fresh CPI rates which further led to a huge decline in the BTC & ETH prices. The past weekend dragged the BTC & ETH prices below $19,000 & $1400 respectively, also flashing major bearish signals in the coming days.
Currently, Star Crypto has managed to beat the second largest crypto which is famous for its stable behavior. Similar to ETH, BTC price maintained a stable trend around the average level. Despite the recent decline, BTC price appears primed for a decent breakout, while ETH price could see a downside move.
The above chart illustrates the price movements of Bitcoin & Ethereum post the Merger event. With the price movements, it is fairly visible that both assets maintained a homogenous trend just before the event. But soon after the transition, the ETH price dropped heavily to reach -18.14% away from the average levels. While the BTC price was less impacted as it maintained a stagnant trend until the latest crash.
The declining nature of the price indicates that the second largest crypto has recently been switched to a centralized platform and therefore the price of ETH may be in controlling hands. While bitcoin continues to operate on the same proof-of-work mechanism, it follows the blockchain’s basic feature of being decentralized.
