Ethereum (ETH) Just Hit Local Bottom?: Here’s Why
A look at Ethereum (ETH) price does not reflect the impact of the Merge. As much as the network upgrade is a historic event, it failed to propel the cryptocurrency’s price. Given the circumstances, the market needed a catalyst like the Merge to provide a positive momentum. Nevertheless, it was already a known fact that The Merge could be priced in at least six months later. Meanwhile, there is a chance that the Ethereum had already formed a local bottom.
Ethereum Reached Local Bottom?
Compared to the levels of one month ago, Ethereum (ETH) is down by about 20-25%. In contrast to the popular market opinion, ETH price dropped by nearly 10% since The Merge successfully completed on Thursday. A section of Ethereum investors were vary about the possibility of price reduction of Merge. The anticipation was a result of excessive shorting of Ethereum derivatives in the lead up to The Merge event. Overall, the most important and much anticipated technical upgrade of the year in crypto did not reach expectations in terms of price impact.
What’s In Store For ETH?
As of writing, ETH price stands at $1,429.80, down 4.73% in the last 24 hours, according to CoinMarketCap. Also, trading volumes for ETH have dropped by a huge fraction of 35% in the last 24 hours. As if this was not enough, the macroeconomic scenario was not encouraging, having further impact on crypto prices. In this context, crypto traders believe ETH has potentially hit the local bottom for near term already. Crypto Tony, a crypto trader, had rightly predicted earlier that the cryptocurrency would hit at least $1,432 in the current drop.
Meanwhile, it is also possible that ETH is in for a further reduction in price. According to Rekt Capital, a crypto analyst, ETH could be up for a deeper bottom. After failing to breach the $1,800 range, Ethereum effectively formed a new lower high. However, there are chances ETH could dig deeper than the current level, the analyst predicted.
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