Although almost a month has passed since the successful completion of the Ethereum Merger, market participants have yet to realize the effect of the upgrade on the price. On September 15, immediately after the merger, the price of Ethereum fell, though many had hoped that the network upgrade would help end the bear market. Since then, the price of Ethereum (ETH) has mostly maintained a sideways trajectory.
After the merger was completed, the price of ETH fell sharply by almost 10%, and the negative momentum persisted. The price held at $1,400 for a few days, but then resumed its plunge. According to CoinGecko, at the time of writing, the price of ETH was at $1,302, having added 1.8% in the last 24 hours.
JP Morgan analysts believe that crypto investors still haven’t built the upside potential gained from the Merger into the price. The fact that the exchange rate of ETH has not yet felt the impact of the update, say the experts of CNBC channel.
Their opinion agrees with the forecast of Ethereum founder Vitalik Buterin, who believes that it may take some time, perhaps 6-8 months, to get a price effect from the update.
Right now, the number of addresses containing Ethereum is at a 10-month high. Whether this situation will lead to an increase in the price of ETH, we will be able to see only in the near future. Right now ETH is at a weekly low, while the high of the week is $1377.
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