{"id":13771,"date":"2022-08-27T14:47:51","date_gmt":"2022-08-27T14:47:51","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/while-the-merge-led-the-bear-market-rise-hype-has-been-erased-and-ethereum-now-leads-the-slide-market-updates-bitcoin-news\/"},"modified":"2022-08-27T14:47:51","modified_gmt":"2022-08-27T14:47:51","slug":"while-the-merge-led-the-bear-market-rise-hype-has-been-erased-and-ethereum-now-leads-the-slide-market-updates-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/while-the-merge-led-the-bear-market-rise-hype-has-been-erased-and-ethereum-now-leads-the-slide-market-updates-bitcoin-news\/","title":{"rendered":"While the Merge Led the Bear Market Rise, Hype Has Been Erased and Ethereum Now Leads the Slide \u2013 Market Updates Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n<\/div>\n

With just over two weeks left until The Merge, ethereum\u2019s 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. <\/strong><\/p>\n

Market Observers Say \u2018Ethereum Led the Pump, Now It Leads the Dump\u2019<\/h2>\n

On July 14, Ethereum Beacon chain community director Superphiz <\/span>shared<\/span><\/a> a pencilled-in timeline concerning Ethereum\u2019s transition from proof-of-work (PoW) to proof-of-stake (PoS), and the unofficial timeline noted The Merge<\/a> could happen on September 19. Since this date, ethereum\u2019s USD value jumped significantly, reaching $2,030 per unit on August 14. In between that timeframe, Ethereum developers <\/span>hardened The Merge date<\/span><\/a> by setting the consensus layer shift to when Ethereum network\u2019s Total Terminal Difficulty (TTD) hits 58750000000000000000000.<\/span><\/p>\n

\"While
ETH<\/a>\/USDT<\/a> chart via Binance on August 27, 2022.<\/figcaption><\/figure>\n

From that day on August 11, ether\u2019s USD value remained high, but the price fell approximately three days later. ETH<\/a>\u2019s 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 \u201c<\/span>Mainnet Merge Announcement<\/span><\/a>.\u201d Since the official news dropped, ether slipped below the $1,700 zone to $1,649 by Friday morning (EST). <\/span><\/p>\n

Jerome Powell\u2019s Jackson Hole speech on Friday caused an immediate downturn in equity and cryptocurrency markets, and ETH<\/a> shed even more gains during Friday evening\u2019s trading sessions (EST). ETH<\/a>\u2019s U.S. dollar value dropped to a low of $1,469 per ether on Saturday, August 27, 2022, and support around the <\/span>$1,500 per unit range<\/span><\/a> has formed. For now, it seems \u2018The Merge trade\u2019 is not holding up as well as many thought it would, and it very well could have been a \u2018sell the news<\/a>\u2018 event. <\/span><\/p>\n

Many observers explained last week that it was possible The Merge hype was over right after ETH<\/a> reached $2K per unit. \u201c[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\u2019s] local top is in,\u201d one individual <\/span>wrote<\/span><\/a> on social media on August 20. <\/span><\/p>\n

\u201c[Ethereum] is going to have a big retrace after the merge hype is over,\u201d another person <\/span>commented<\/span><\/a> on Twitter. Furthermore, a number of traders managed to cash in gains when ETH<\/a> reached $2K in mid-August, as one person unapologetically <\/span>wrote<\/span><\/a>:<\/span><\/p>\n

\n

\u200b\u200bSold more ethereum today, idgaf about your merge, I\u2019m 10xing my wife and kid\u2019s quality of life.<\/p>\n<\/blockquote>\n

\n
\nTags in this story
\n<\/h6>\n
$1469 per unit low<\/a>, $2K prices<\/a>, 30-days<\/a>, announcement<\/a>, Buy the rumor<\/a>, Crypto markets<\/a>, Developers<\/a>, dump<\/a>, ETH Devs<\/a>, ETH spot price<\/a>, ETH trades<\/a>, ether<\/a>, ether markets<\/a>, Ethereum<\/a>, Ethereum (ETH)<\/a>, Gainers<\/a>, Gains<\/a>, Hype<\/a>, Hype Trade<\/a>, Losers<\/a>, Losses<\/a>, Mainnet Merge<\/a>, Market Hype<\/a>, Markets<\/a>, pump<\/a>, Sell the News<\/a>, The Merge<\/a>, USD value<\/a><\/div>\n<\/div>\n

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. <\/strong><\/em><\/p>\n

\n
\n<\/div>\n
\n
\nJamie Redman <\/h6>\n

\nJamie 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.

\n
\n
\n<\/a>
\n<\/span>\n<\/p>\n<\/div>\n<\/div>\n

Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

\n

Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

\n