cryptocurrency

Ethereum price takes a dive before merging upgrade

  • Ethereum was trading at $1,485 with a drop of more than 11.5%.
  • The Ethereum Foundation sets the deadline for the merger upgrade as September 15, 2022.

The Ethereum Foundation (ETH) has revealed the final timeline date for the most anticipated Proof of Stake (PoS) “integration” upgrade, which will occur on September 15, 2022. Meanwhile, Ethereum is trading with ups and downs, with ETH down over 11.34% in 24 hours, according to CoinMarketCap.

Ethereum Merge is seen as the most powerful update in the history of the cryptocurrency market. The successful transition from PoW to Proof of Stake has a huge impact on the price of Ether (ETH), Bitcoin (BTC) and even other cryptocurrencies in the market. At the time of writing, Ethereum is trading at $1,485 with 20% market share.

Ethereum (ETH) price path

Since early July, the price of Ethereum has been on the rise, surpassing the $1,500 level with a 40% increase on July 18. After that, the price of Ethereum rose and traded between the range of $1700 to $1900. After the final integration updates, ETH reached the $2,000 range in mid-August for the first time since May, according to data from CMC.

Ethereum fell for two days while the merger was implemented in September. On August 26, ETH was trading at around $1,696 but the closing price was 1,507. Today, the altcoin is trading at 1,485, down more than 11.5% at the time of writing.

Furthermore, Ethereum is down more than 69% from its all-time high of $4,891 recorded in November 2021. In addition, ETH is down 24% in 14 days and over 8% in the last 7 days. .

In addition, the future volume of Ethereum is equal to the same as Bitcoin. Similarly, for the first time since March, speculative activity increased as total futures trading volume increased by more than 10% to $51 billion in 24 hours, according to glass knot.

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