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Ethereum: Is the Merge nothing more than another “sell-the-news-event”

Ethereum: Is the Merge nothing more than another “sell-the-news-event”

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Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

The merger has been a success for Ethereum [ETH]. Wait… but it isn’t, as ETH has continued to decline despite this release.

The constant drop of the token has caught the attention of crypto industry analysts to give their two cents on the matter. Galaxy Digital researcher Christine Kim has also contributed to the discussion with her valuable input. In a recent thread, Kim discussed why ETH has remained at lower prices since the Unification.

First, Kim cited the “fading macro background” as one of the main reasons for ETH’s repeated drop. He believed that these macro conditions would continue to cause a decline in all risk assets, including traditional equities.

Kim then moved on to another reason, where he addressed the big rumor in the market that Merge is a “sell-news event.” This rumor further limited Ethereum to attract traders despite its “long-term positive effects”.

The Alt Dilemma

The ETH token continued to slide as mentioned above, trading just below $1,450 at press time. According to data from Coin Glass, losses for the token were 3% at press time, with weekly losses now accelerating to 17%.

This price move allowed FUD to settle in the crypto market as the consolidation was expected to return to the crypto rate. But the latest FOMC meeting and subsequent CPI report ended the upward momentum.

Another important indicator of the Ethereum network has been sent crypto security researcher Lucas Nuzzi. In the latest tweet, Nuzzi claimed that Ethereum miners were staging “revenge” after their latest sell-off. According to his calculations Ethereum miners have sold up to $4.8 billion worth ETH alone in the last 48 hours.

Source: Lucas Nuzzi / Twitter

Despite these obstacles, a rare glimmer of hope appeared in Ethereum on September 17, as reported by blockchain analytics platform Glassnode. According to their latest information updateETH Exchange Outflow Volume (7d MA) hit a monthly high of $27,526,216.

Source: Glassnode

So where does that ETH go?

While bearish influences continued to wreak havoc on major cryptoassets, Ethereum managed to successfully execute a Merge launch. Famous crypto investor Arthur Hayes, one of the founders of 100x, further expressed his support for the merger.

He used Net ETH emissions to show how energy emissions are reduced now that the network moved to a Proof-of-stake network.



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