It was one of the most important events in the cryptocurrency market in recent times. Therefore, investors and traders waited with high hopes. However, the effect of the bear market was short-lived. You’ve probably guessed the event we’re talking about. Yes, Ethereum Merge. However, JP Morgan says the true impact of Merge is yet to be seen.
Leading altcoin lost value despite huge boost
cryptocoin.comAs you follow, Ethereum Merge has been successful despite many questionable approaches. A month has passed since this important event. However, its impact on Ethereum price was not at all as expected. Right after Merge’s completion on September 15, the ETH price dropped. In fact, there was hope in the market that the network upgrade would act as a catalyst in the bear market. However, since then, the price of the leading altcoin has largely followed a horizontal curve.
After the merge was completed, the ETH price dropped sharply by around 10%. Also, the negative momentum continued afterwards. After the decline, the price held the $1,400 level for a few days before falling further. ETH is trading at $1,277, down 2.13% in the last 24 hours, according to CoinMarketCap data. The leading altcoin hit an all-time high (ATH) of around $4.9k in November last year. However, it has been falling ever since. At its current price, Ethereum has slipped 74% from the ATH level.
“Merge not yet priced for Ethereum”
However, JP Morgan analysts note that crypto investors are still not pricing in the upside from Ethereum Merge. According to a CNBC report, the ETH price has yet to see the impact of the escalation event. This is in line with Ethereum co-founder Vitalik Buterin’s prediction that it may take some time to be priced after The Merge. He said long before Merge, ETH would need the right case to capitalize. Buterin noted that investors should wait 6-8 months before real price action.
In this context, the number of addresses holding Ethereum is currently at a 10-month high. We will see in the near future whether this situation will lead to an ETH price increase. At the current level, ETH is in the weekly low range. That compares to a weekly high of $1,377.
Meanwhile, earlier on Tuesday, tech giant Google announced that it will partner with Coinbase to allow Cloud user payments in crypto. Cryptocurrencies to be used for crypto payments will include Bitcoin, Ethereum and Dogecoin. According to experts, this development is likely to help further institutionalize Ethereum.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.