Ethereum About a month after the successful completion of the Merge update, the impact of this update is still not priced in.
Ethereum price plummeted right after the merge was completed on September 15. It was originally hoped that the network upgrade could act as a catalyst for a bear market issue. Since then, ETH price has largely followed a horizontal curve.
After the merge was completed, the ETH price dropped sharply by around 10%, after which the negative momentum continued.
JPMorgan Claims Pricing For Ethereum Update Hasn’t Happened Yet
JP Morgan analysts, on the other hand, cryptocurrency believes its investors are still not pricing in the upside impact of the Ethereum Merge update.
According to the CNBC report, analysts think that the ETH price has not yet seen the impact of the rally. This is in line with ETH co-founder Vitalik Buterin’s prediction that pricing may take some time after Merge.
Buterin stated that investors should wait for a 6-8 month waiting period before real price action.
In this context, the number of addresses hosting ETH is currently at a 10-month high. Whether this will lead to an increase in ETH prices remains to be seen in the near future.
At the time of this writing, ETH price is trading at $1,282, down 2.2% in the last 24 hours.
Recently, technology giant Google announced that it has agreed with Coinbase to allow Cloud user payments with cryptocurrencies. Among the cryptocurrencies to be used for crypto payments bitcoin, Ethereum and dogecoin will be.
*Not investment advice.
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