Ethereum Price Trends Sideways Ahead Of The Merge
September 12 2022 - 1:30PM
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The Ethereum community and the entire crypto space will soon
witness the Merge launch, the long-awaited upgrade. It’s a
transition for the Ethereum mainnet from PoW to PoS consensus
mechanism. It has become one of the most hyped events in the
industry as many people are presenting different opinions about it.
Over the past few weeks, sentiment on the Merge boosted the price
of Ether. Despite some slight downward moves in the broader crypto
market, ETH remained one of the tokens with a more impressive
performance. Related Reading: Bitcoin Profitability Jumps As Price
Adds $1,500 In 24 Hours The sudden decline in the price of Ethereum
is creating many concerns for many participants. Several people are
confused about the twist in the movement of Ether since the Merge
is at hand. Furthermore, other preparatory activities and upgrades
that will usher in the Merge are almost completed. Hence, investors
are expecting to get more increase in the price of ETH. Effect Of
Bellatrix Upgrade on Ethereum Network The ETH network witnessed the
Bellatrix upgrade recently. The upgrade is meant to enable Ethereum
validators to create Beacon blocks. One of the completed blocks
will contain the code for the Merge. The Bellatrix upgrade serves
as one of the upgrades that initiate the Merge. A report on the
process indicated that Ethereum witnessed a drop in its network
participation rate after the Bellatrix upgrade. Also, there was a
spike in missed blocks in the network. The record showed that the
rate for missed blocks after the upgrade surged by 1700%. With just
a week remaining for the Merge, the Ethereum developer team is
expected to watch the situation closely. Some professionals offered
reasons for the reduction in upgraded nodes. They mentioned that it
could be the failure of some nodes in upgrading their clients. They
stated that an increase in participation would come once more
validators upgrade their nodes to sync with the Bellatrix upgrade.
Possible Reasons For Ethereum Decline People are providing
different reasons for the decline in Ethereum prices. Some factors
are also playing out on the side against the broader crypto market.
The Ethereum price is dwindling due to the effect of macroeconomic
factors. The wave of the dollar’s rally is throwing almost the
entire crypto market and even the general market off balance. Also,
the hawkish approach from the Fed in tackling inflation is expected
to continue. Related Reading: Solana Nears 100 Billion Transaction
Milestone As Price Aims For $40 A partner at Cinneamhain Ventures
and crypto influencer, Adam Cochran, linked the drop to Aave’s
stance on Ethereum markets. The influencer noted that Aave’s
halting Ethereum markets triggered other platforms like Instadapp
to unwind sETH/ETH pools. Featured image from Pixabay, chart from
TradingView.com
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