At this time is 200 days for the reason that Ethereum blockchain encountered the Merge, which transitioned it to proof-of-stake (POS) on Sep. 15, 2022. The Merge was touted as one of many greatest feats of engineering in crypto, however how has it affected ether’s (ETH) value actions since then?
Ethereum’s present worth represents a 9.9% appreciation from its value of $1,650 on the time of the Merge. Regardless of this bullish metric, the asset’s worth struggled within the days instantly following the Merge, main some to consider that the occasion may not be as favorable as predicted.
Ethereum was already on a downward trajectory on the time of the Merge. The asset had soared to a excessive of $1,775 on Sep. 11, 2022, earlier than going through an enormous hurdle that set it downward. The Merge, which occurred 4 days later, was powerless in impeding this free fall, because the asset collapsed to a two-month low of $1,251 on Sep. 22.
ETH consolidated between $1,200 and $1,400 for an additional month earlier than embarking on a modest rally on Oct. 23. The rally took ethereum to a neighborhood prime of $1,645 two weeks later. Sadly for the asset, this rally coincided with the outset of the FTX saga, which gained steam when Binance revealed plans to liquidate its FTT holdings on Nov. 6.
Ethereum was not spared within the ensuing market-wide massacre, because it dropped to a low of $1,100 on Nov. 14. Ten days later, Ethereum builders voted on eight Ethereum Enchancment Proposals (EIPs) for the Shanghai improve, together with the consensus to unlock withdrawals for staked ETH. Nevertheless, this growth did little to rescue the asset from the bears’ claws.
Furthermore, ETH continued to consolidate between $1,100 and $1,300 till it ended 2022 with a worth of $1,196, marking a 27% decline from its worth on the time of the Merge. The market-wide uptrend that started at the beginning of this yr was the catalyst for ethereum’s breakout. Regardless of the asset’s persistent surges this yr, it nonetheless has not reclaimed the $2,000 mark, which was final noticed on Aug. 14, 2022.
The asset is at the moment buying and selling for $1,812 on the time of writing, up 2.7% up to now week. Ethereum is seeking to conquer its important essential resistance factors at $1,820 and $1,850, utilizing the latter as a launchpad to the $1,900 goal.
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