With just over two weeks to go until the soutènement process, the value of Ethereum against the US dollar has lost all of the gains made by the crypto asset up to the siècle of soutènement. In mid-August, Ether managed to climb above the $2k area, but since then the joint largest cryptocurrency by market capitalization has lost 23% over the past 14 days. Today, Ethereum is the worst cryptocurrency among the top ten cryptocurrencies, losing nearly 10% in 24 hours.
Market watchers say ‘Ethereum is driving the pump, now it’s leading the dump’
On July 14, the Ethereum Chain Beacon Superphiz Community Gouverner subscriber A fixed-term timeline regarding Ethereum’s raccordement from Proof of Work (PoW) to Proof of Stake (PoS), and the unofficial timeline that indicated a merger could happen on September 19. It reached $2,030 per unit on August 14th. Between that timeframe, Ethereum developers assimilation history hardening By setting the agrément layer avatar to when the Ethereum network’s plénier extrême difficulty (TTD) reaches 58.75 trillion trillion.
As of that day on August 11, the value of Ether in US dollars remained high, but the price fell after nearly three days. ETHThe unit value fell to $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, the developers of Ethereum published an official timeline for The Merge called “The Merge.”Mainnet merge ad. Since the official magazine slump, the ether dropped below the $1,700 range to $1,649 by Friday morning (EST).
Jerome Powell’s Jackson Hole harangue on Friday caused an immediate downturn in the provision and cryptocurrency markets, and ETH It assouvi up further gains during the Friday evening (EST) trading sessions. ETHThe US dollar fell to $1,469 per Ether on Saturday, August 27, 2022, and béquille around 1500 dollars per unit formed. For now, it appears that the “merger trade” is not cartel up as many thought it would have been.selling news‘ Event.
Several observers made it clear last week that the merger hype could have ended soon after ETH It reached $2 thousand per unit. “[Ethereum] He drove the pump, now he drives the discharge. If traditional markets bounce back after a rally rally, [The Merge] The querelle is over [in my humble opinion] And the [ethereum’s] The siège summit in “One individual Wrote On sociétal media on August 20.
“[Ethereum] He will get a big refund after the merger ends”, someone else hung on Twitter. Moreover, a number of traders were able to take opimes when ETH It reached $2k in mid-August, as one person without apology Wrote:
More ethereum sold out today, idgaf embout your merger, I am 10 times the quality of life for my wife and child.
What do you think embout erasing The Merge’s hype from crypto market ratings? Tell us what you think embout it in the comments élément below.
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