Ethereum Slides To $1,500 As Hype Around Merge Dies Down
August 22 2022 - 1:00PM
NEWSBTC
The hype around the Ethereum network had built up following the
announcement that the Merge was scheduled to take place on
September 15th if everything went according to plan. The price of
ETH had seen a massive run-up off the back of the news, seeing it
touch above $2,000, albeit briefly. However, as the weeks have
passed, the hype around the Merge has begun to die down as people
get used to it, causing the price of ETH to slide. ETH Slides To
$1,500 After a tremendous 3-week run, the price of Ethereum seems
to have reached a local peak. After reaching $2,000, the downward
correction proved brutal, with the market recording double-digit
losses. On The part of ETH, it has since lost about $500 off its
value, amounting to about a 25% loss for the digital asset. Related
Reading: Bitcoin Price Declines Below 50-Day MA, Is A Recovery
Expected? Since the Merge still remains in view, it continues to be
a beacon of hope for investors that the cryptocurrency has not seen
the last of its bull rally. Even with the price decline, the asset
is still holding firmly above its 50-day moving average, indicating
that investors are resistant to the sell-off trend being
established by bears. The die-down in hype was expected, but that
is because the Merge is still about a month away. Investor
sentiment is expected to recover as the market ushers in the new
month. Furthermore, it is very likely that this will turn into a
‘buy the rumor, sell the news’ event where investors ramp up buying
all the way up to the Merge and dump on completion. If this happens
to be the case, then the price of ETH is likely to touch $2,000
once more before the Merge. The accelerated buying and staking of
ETH ahead of the update will also drag the market upwards with it
as it previously did, causing others such as Bitcoin to revisit
local highs. Ethereum Staking Ramps Up Even though the price of ETH
has suffered from the decreased hype, it has not stopped investors
from taking advantage of staking on the network. The Ethereum 2.0
contract has been hitting new milestones with staking since the
date of the Merge was announced. The total ETH staked on the
network had quickly surpassed 13.3 million, accounting for about
11% of the total supply of ETH in the market. The most recent data
shows that the total staked is now sitting at 13,444,552 ETH.
Related Reading: Investor Sentiment Falls As Crypto Market Sheds
$100 Billion This is an exciting figure given where the contract
was at the start of the month. In the month of August alone, there
have been about 153,000 new ETH staked on the contract. This comes
out to about 36,000 ETH being staked weekly. One thing that has
declined though, is the dollar value of ETH staked on the network.
Last week, it had sat closer to $25 billion as Ethereum’s price was
on the rise. Currently, the dollar value of the total staked ETH
lies at $20.9 billion. ETH’s price is currently down 17.35% in the
last 7 days. It is trading at a price of $1,574 according to
Coinmarketcap, with a total market cap of $190 billion. Featured
image from CNBC, chart from TradingView.com Follow Best Owie on
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