Ethereum drops below $1,500 after merge upgrade
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Answer Ethereum drops below $1,500 after merge upgrade
The price of Ethereum saw its first hint after the merger upgrade.
Unfortunately for the bulls, the movement of Ethereum has been to the downside.
After clinging to nearly $1,600 over the past 24 hours, the price of Ethereum is now down more than 8% over the past hours.
Similarly, Bitcoin lost the $20,000 level again.
Ethereum is trading for about $1460 this Friday morning, as it fell quickly from $1600 levels.
Ethereum is trading flat in the hours following the long-awaited merger upgrade which changed the Ethereum consensus mechanism from Proof of Work to Proof of Stake.
Read:KuCoin 5th Anniversary: Trade Bitcoin and Ethereum Pairs at 0 Fee
Several of the Ethereum community – including co-founder Vitalik Buterin – have argued that the Ethereum merger has yet to be priced in.
But even bulls like Mark Cuban note that there may be a “news sale” in the wake of the promotion.
Arthur Hayes, the former CEO of BitMEX, claimed that Ethereum’s net contraction economy after the merger upgrade could help push Ethereum to $5,000 by March 2023.
But before the rally, a short-term dump may occur, and it seems that the derivatives data from August supports this theory.
Analyst Glassnode commented at the time that the directional bias of Ethereum options traders indicates that they are paying a premium for put option protection after the merger upgrade.
Read:How many months does it take Bitcoin to end the bearish momentum?
After the Ethereum merger…the hash rate of Ethereum Classic increased by 80% to an all-time high
Nexo Co-Founder Declares: Ethereum Won’t Beat Bitcoin After Merge Upgrade
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