Real Impact Of Ethereum Merge Effects Waiting To Happen -JP Morgan

It is nearly a month since the accomplishment of the Ethereum Merge software update, which effectively changed the pattern of validation from Proof-Of-Work to Proof-Of-Stake. The upgrade was long seen as a significant boost that would lift the bearish sentiments prevailing in the crypto market into a more bullish phase. However, Ethereum (ETH), post Merge, has maintained a sidewise trend.

Post Ethereum Merge, ETH prices tanked by a massive 10%, and the negative momentum has not been curtailed. The price remained steady at $1400, but prices fell further. When reports last came in, ETH’s price stood at $1,295, down 0.50% in the last 24 hours, according to price tracking platform CoinMarketCap.

Ethereum Merge Yet To Affect Ethereum Price

Analysts from JP Morgan opine that the crypto investors have still not priced in the upside from the Ethereum Merge, and the effects of the Merge upgrade are yet to happen. Ethereum co-founder Vitalik Buterin also predicted that the impact of Merge would take some time to sink in and had said before that Ethereum needs a situation to capitalize long before the launch of the Merge upgrade. The co-founder of Ethereum also added that investors should wait for 6-8 months before the actual price action. However, a price rise in the future cannot be confirmed.  

When reports last came in, Ethereum (ETH) changed hands at $1,289.61, up by 1.03%. In the last 24 hours, it witnessed a 24 hrs. low of $1,272.74 and a high of $1,296.27. Ethereum (ETH) Market Cap stood at $158,407,514,275 and its 24 hrs. Volume stood at $8,299,943,814 as per Coinmarketcap.

Digital Behemoth Google announced it is partnering with Coinbase to enable cloud users to pay in cryptocurrencies. In all probability, Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) will be accepted as payments, and this could have an impact on the values of these crypto assets in the future.