Ethereum values have been steadily surging for the past 45 days right from the beginning of July 2022.However for the last four days in a row, Ether (ETH) values have been tanking. As the crypto sector has been on the downtrend including the number one crypto asset. However ETH was an exception but looking at the performance for the last four days, experts are talking about a lack of interest in the forthcoming Merge update.
When reports last came in, Ether (ETH) was changing hands at $1850 falling by 3.5% and a market cap of $225 billion. From July Ethereum has been on an upward trend and surged by more than 100% till the start of this week when it started to see red.
The galloping Ethereum fortunes was largely fueled by the much-awaited Merge update which will change the platform from Proof Of Work to Proof Of Stake. The crypto community is waiting for the Merge update to be completed. The move will reduce 99% energy consumption in mining Ether (ETH).
Dgital data scientist at Cowen Digital, David Kroger spoke to Bloomberg, Kroger said: “Institutions have been asking us about the Merge, along with the technicalities and probabilities associated with it for several months now”.
However, the possibility of some players taking profits cannot be excluded at current levels and the drop can be attributed to this said Kroger.
Ether (ETH) Merge Euphoria Fizzling Out?
While a majority of Ethereum community is all in for the forthcoming Merge, a small minority is getting more and more vociferous against the Merge software update and are threatening to hard fork the Ethereum platform. They also include ETH miners who are willing to continue with the PoW version of Ethereum. However, their move has been opposed by Vitalik Buterin and he said his team will not support the Ethereum PoW after its upgrade to PoS model.
The latest developments are being closely watched by market experts. As per BitMEX CEO Arthur Hayes felt that if the Merge software update does not go as planned and fails, traders will either go short or divest their owned ETH. If the merge is successful, it will surge prices of ETH.