cryptocurrency

Ethereum (ETH) price drops 8% despite successful merger

  • The price of Ethereum fell below $1,500 today for the first time in nearly a week.
  • After the overnight consolidation, the price of ETH initially remained stable.

Technically, Ethereum has been integrated without a hitch, but despite the shift to a more green consensus process, some investors may lose faith in ETH. The price of Ethereum fell below $1,500 today for the first time in nearly a week.

ETH/USDT: Source: TradingView

according to CMCThe price of Ethereum (ETH) is down around 8% in the last 24 hours, reaching $1,485. The entire cryptocurrency market is now down about 3%, with bitcoin trading at less than $20,000.

After the overnight consolidation, the price of ETH initially held steady, moving in unexpectedly small increments around $1,600. However, the price subsequently dropped significantly from around $1,585 to the current figure after 10 AM ET.

All eyes on Cardano Fasil Hard Fork

glass, a digital analytics firm, published a report at the beginning of August highlighting data from derivatives exchanges that indicated the merger was shaping up to be a “news sell” event. In July, when the merger was all the rage, Ethereum seemed to be receiving a wave of optimism, but Glassnode notes that savvy derivatives traders were already hedging their bets, anticipating a drop in the price of ETH in the aftermath of the event. Now all eyes are on the Cardano Fasel hard fork, scheduled for around the 22nd of this month.

The consolidation is what Ethereum developers call a long-awaited exit from the Proof of Work consensus mechanism, in which users use powerful computers to protect the network and potentially receive crypto rewards.

The Ethereum Foundation estimates that the network will consume more than 99% less power under the new Proof of Stake model, where validators share (or hold) tokens in the network to execute transactions.

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The Ethereum integration is complete and the next is Cardano Vasil Hard Fork

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