While the Merge Led the Bear Market Rise, Hype Has Been Erased and Ethereum Now Leads the Slide

While the Merge Led the Bear Market Rise, Hype Has Been Erased and Ethereum Now Leads the Slide

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 Led the Pump, Now It Leads the Dump’

On July 14, Ethereum Beacon chain community director Superphiz shareda 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. In between that timeframe, Ethereum developers hardened The Merge dateby setting the consensus layer shift to when Ethereum network’s Total Terminal Difficulty (TTD) hits 58750000000000000000000. ETH/USDT chart via Binance on August 27, 2022.

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 rangehas formed. 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 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 wroteon social media on August 20.

“[Ethereum] is going to have a big retrace after the merge hype is over,” another person commentedon Twitter. Furthermore, a number of traders managed to cash in gains when ETH reached $2K in mid-August, as one person unapologetically wrote: ​​Sold more ethereum today, idgaf about your merge, I’m 10xing my wife and kid’s quality of life. Tags in this story $1469 per unit low, $2K prices, 30-days, announcement, Buy the rumor, Crypto markets, Developers, dump, ETH Devs, ETH spot price, ETH trades, ether, ether markets, Ethereum, Ethereum (ETH), Gainers, Gains, Hype, Hype Trade, Losers, Losses, Mainnet Merge, Market Hype, Markets, pump, Sell the News, The Merge, USD value

What do you think about The Merge hype being erased from crypto market valuations? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. Crypto Economy Slides Under $1 Trillion, as Bitcoin and Ethereum Dive Below Previous Support Zones MARKET UPDATES | 3 hours ago Biggest Movers: DOGE, AVAX Fall to 1-Month Lows on Saturday MARKET UPDATES | 9 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBiggest Movers: DOGE, AVAX Fall to 1-Month Lows on Saturday Next articleIndian Authorities Search Crypto Exchange Coinswitch Kuber — CEO Says It’s Not Related to Money Laundering Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin