After Merge Upgrade Ethereum Price Drops Below $1500…Here’s Why!
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Answer After Merge Upgrade Ethereum Price Drops Below $1500…Here’s Why!
Looking at the merger upgrade and the momentum surrounding it, we find that the price of Ethereum was not affected positively by it, but rather the opposite.
The price of Ethereum fell to lower levels:
Compared to last month’s levels, the price of Ethereum (ETH) is down around 20-25%.
Contrary to prevailing market sentiment, the price of Ethereum has fallen by nearly 10% since the merger was successfully completed on Thursday.
Some of the Ethereum investors were seeing the possibility of a drop in the price of Ethereum after the merger upgrade.
The prediction was due to the excessive default of Ethereum derivatives in the lead up to the merger event.Read:The price of Ethereum is down 8% overnight… Find out why!
In general, the most important and expected technical update of the year in the crypto market did not live up to expectations in terms of price impact.
At the time of this writing, Ethereum price is trading at $1,420, down 0.2% in the last 24 hours, according to CoinMarketCap.
Also, Ethereum trading volumes have decreased by a whopping 35% in the last 24 hours.
As if this were not enough, the macroeconomic scenario was not encouraging, as it had an additional impact on cryptocurrency prices.
In this context, cryptocurrency traders believe that the price of Ethereum is likely to bottom out in the near term already.
Analyst and trader Crypto Tony had earlier predicted that the cryptocurrency would reach at least $1,400 levels in the current decline.
At the same time, it is possible that there will be an additional decrease in the price.
According to Rekt Capital, a crypto market analyst, the price of Ethereum could be on a deeper bottom.
After failing to break the $1800 range, Ethereum actually formed a new lower high.Read:Before the merger upgrade… Ethereum price is approaching $1800 and Bitcoin is stable above $21,000
However, there is a possibility that Ethereum will be able to dig deep below its current levels, given the massive sell-off that followed the merger upgrade.
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