Even though the Ethereum merge was the most important thing to happen to the chain, it hasn’t been able to raise the price of Ether [ETH], the most popular cryptocurrency. This is the case, even though it was the most important thing.
According to the data from CoinMarketCap, the price of ETH shot up to a high of $1634 in the seconds after the integration and then dropped quickly. When this article was written, the trading price of ETH was $1,289.27. This was a 21% drop from the day the two networks were combined.
On the cryptocurrency market as a whole, a lot of ether has been bought and sold over the past few days. Because of the merger, this is the case. Coinglass data showed that $171.92 million had been taken off the ETH market twenty-four hours before this article was written.
When this was written, each coin of ETH cost USD 1,289. As was said above, the top alt has lost more than ten percentage points since the merging four days ago. If you want to invest or trade cryptos, visit Bitcoin Circuit.
Even though it is now trading at a level that hasn’t been seen in more than two months, the price per ETH briefly sold for more than $1300 in the early morning hours of September 19th. But CoinMarketCap says that the currency’s value has dropped by 11% in the last 24 hours.
At the time of publication, there was a price/trading volume divergence because CoinMarketcap data showed that the asset’s trading volume had increased significantly in the last twenty-four hours. The increase was 98%. This gave the impression that the buyers were too tired to continue.
When the article was written, the daily chart showed that the top alternative sold a lot. At the time of publication, the relative strength index (RSI) was 33, and it had been going down since the merger. Also, it was a long way from 50, which is a neutral number. The Chaikin Money Flow (CMF) was negative 0.12 showing more pressure to sell.
The Exponential Moving Average (EMA) also showed that sellers were in charge of the ETH market. The moving average convergence divergence (MACD) indicator pointed to the start of a new bear cycle on the day the two markets merged.
If this trend keeps up, the price of the alternative cryptocurrency ETH may drop even more in the days to come.
The price of Ethereum is likely between $500 and $4,500 in 2022.
After asking several experts in the field what they thought the price of Ethereum would be in the future, we concluded that ETH might be worth more than $4,000 again in 2022. A Bloomberg intelligence analyst named Mike McGlone recently said that by the end of the year, the price of Ethereum will be between $4,000 and $4,500.
Remember that all of the experts we talked to about Ethereum prices said it’s hard to predict with absolute accuracy. The cryptocurrency news site Coinpedia says that if the optimistic rise that began in the middle of 2021 keeps going, the price of ETH could end 2022 between $6,500 and $7,500. On the other hand, the market for cryptocurrencies fell in 2022. This showed that the price of Ethereum won’t go up depending on how people feel. Coinpedia has changed its prediction for the year 2022 to $2,500.
This year, it is possible that the price of ether will drop by a large amount again. As low as $500 is possible. Kavita Gupta, a venture capitalist, thinks the price of ETH could go as low as $500 if the selling in the market as a whole keep getting worse.
“The Merge” is what people in the business world call the change that Ethereum is making to a version that uses less energy. Some analysts think that the price of ETH will be even more unpredictable than that of bitcoin shortly. For the price of ether to keep going up over time, investors must see signs of increased demand and work. This will remain true no matter what happens in the next few days.
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