Nearly a month after the successful completion of the Ethereum Merge, the impact is yet to price in. Immediately after the Merge was completed on September 15, the Ethereum price fell. It was actually hoped that the network upgrade could act as a catalyst to a bear market situation. Since then, the Ethereum (ETH) price largely maintained the path of a sideways curve.
After the Merge completion, ETH price dropped sharply by nearly 10% after which the negative momentum sustained. Following the drop, the price maintained the $1,400 level for a few days before dropping further. As of writing, ETH price stands at $1,295, down 0.50% in the last 24 hours, according to price tracking platform CoinMarketCap.
Merge Yet To Price In For Ethereum
Meanwhile, JP Morgan analysts believe the crypto investors still have not priced in the upside from the Ethereum Merge. According to a CNBC report, the ETH price is yet to see the impact from the upgrade event. This is in line with Ethereum cofounder Vitalik Buterin’s prediction that it could take a while to price in after The Merge. He said long before the Merge that ETH would need the right situation to capitalize. Buterin said that investors should expect a 6-8 months waiting period before the actual price action.
In this context, the number of addresses holding Ethereum currently stand at a 10 month high. Whether this situation will lead to an ETH price rise remains to be seen in near future. At the current level, ETH is at its weekly low range. This is in comparison with the weekly high of $1,377.
Earlier on Tuesday, tech giant Google announced it would partner with Coinbase to allow Cloud user payments in crypto. Among the cryptocurrencies to be used for crypto payments would be Bitcoin, Ethereum and Dogecoin. This move could help Ethereum get further institutionalize.
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