Ethereum Price Takes a Dive Prior to Merge Upgrade
- Ethereum Traded at $1,485 with a more than 11.5% decline.
- Ethereum foundation sets Merge upgrade final date as September 15, 2022.
Ethereum (ETH) Foundation has disclosed a final schedule date for the most anticipated Proof of Stake (PoS) mechanism “Merge” upgrade, which will be happening on September 15, 2022. Meanwhile, Ethereum is trading with ups and downs, as ETH decreased by over 11.34% in the 24 hours, as per CoinMarketCap.
The Ethereum Merge is viewed as the most robust update in the history of the cryptocurrency market. The successful transition from proof-of-work (PoW) to proof-of-stake has a significant impact on the price of Ether (ETH), Bitcoin (BTC), and even other cryptos in the market. At the time of writing, Ethereum traded at $1,485 with 20% of the market share.
Ethereum (ETH) Price Track
Since early July, the price of Ethereum has been rising, and it crossed the $1,500 level with a 40% increase on July 18. Following that, Ethereum surged and traded between the $1700 to $1900 range. After the Merge final updates, ETH reached the $2000 range in mid-August for the first time since May, according to data from CMC.
Ethereum was down back for two days while the Merge implementation was in September. On August 26, ETH traded at around $1, 696 but the closing price was 1,507. And today, the altcoin traded at 1,485, with a more than 11.5% decrease at the time of writing.
Furthermore, Ethereum decreased by over 69% from its all-time high of $4,891, which was recorded on November 2021. As well as, ETH declined by 24% in 14 days and by more than 8% in the last 7 days.
Additionally, the future trading volume in Ethereum equals the same as Bitcoin. Similarly, for the first time since March, speculative activity increased as the total amount of futures trading increased by over 10% to $51 billion in 24 hours, as per the glassnode.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
