Ethereum (ETH) Values Has Scrapped The Local Bottom? Merge Responsible?

Ethereum (ETH)  prices have not been impacted majorly by the Merge software upgrade, and the historic event failed to evoke any positive impact on the values of the number two crypto currency. The crypto winter had already eroded a massive chunk of the importance of most cryptocurrencies, and an event like Merge will positively impact the values. This was the opinion of most experts. However, what is happening is baffling the experts.

The Merge, per experts, is priced six months later, and there is a chance that Ethereum had already formed a local bottom.

Has Ethereum (ETH) Tanked To Local Bottom?

Ethereum (ETH) is down by about 20-25% compared to the levels one month ago. Since the Merge has been accomplished, ETH prices have tanked by 10%. Many ETH investors have earlier expressed this possibility. This was based on the fact that there has been an excessive shorting of the Ethereum derivatives in the lead-up to The Merge event. In a nutshell, the most eagerly awaited upgrade failed to evoke bullish sentiments.

What’s, Is The Future Of Ethereum (ETH)?

ETH is suffering from a bout of deflationary incidence just after the Merge. When reports last came in, ETH prices were changing hands at $1,441.71. The total market cap of the ETH is $176,475,036,982 and shows a fall of 0.58%. The fully diluted Market Cap is $176,247,560,261. In the last 24 hours, its volume has reached $12,197,269,862, down 29.17% %. ETH has a circulating supply of 122,406,691.50 ETH.

ETH prices can fall still more, and as per Rekt Capital, a crypto analyst, ETH could be seeing an even steeper price tanking. Earlier ETH has failed to breach the $1,800 range and has now formed a new lower high. However, there are chances ETH could tank deeper than the current level, the analyst predicted.