Ethereum’s (ETH) Merge Launch Causes Sharp Bear Trend
Yesterday saw the long-awaited release of Ethereum’s (ETH) Merge. While the cryptocurrency market did not experience much change in coin rates at the time, we are seeing a major market shift for key cryptocurrencies now. Overall, the crypto market is down just 2.43%, but Ethereum tokens are definitely suffering.
What Is Merge?
For those who have been following the story, Merge is a big deal, bringing with it massive amounts of hype and months of buildup. For those who don’t know, Merge is a way for Ethereum to take the current Mainnet that it operates on and combine it with a new consensus protocol. It will essentially upgrade Ethereum and all coins on the Ethereum platform, paving the way for NFTs (nonfungible tokens) and other innovations.
What’s Happening to Ethereum Coins?
There is a major shift in market price for several Ethereum coins, including the main Ethereum (ETH) token, which is down 7.07% today to $1,475.43 (ETH/USD). That coin’s trade volume dropped 25% over the same period of 24 hours, which is a huge blow to the coin but could be a great buying opportunity.
Ethereum Classic (ETC) is down 11.50% right now with a trade volume decrease of 39% over the last 24 hours.
Another Ethereum-related coin, ETHPoW (ETHW) is falling rapidly, having dropped 55% for the day already and fluctuating wildly this morning. This new coin has only been on the market for a few days now, so volatile movement is somewhat expected.
Should Investors Be Buying Now?
With the rates so low at the moment, is this a good time to purchase Ethereum coins? We think investors could benefit by taking a chance on Ethereum coins right now, particularly the primary ETH coin. We are very likely to see a rebound on these over the next few days. There are some kinks that need to be worked out with Merge, and this time of uncertainty following a major launch like this is bound to be full of small difficulties.
There is also a chance that Ethereum will bounce back in a big way, making huge profits for savvy investors. Outside of a major issue with Merge, though, we don’t expect to see a sharp decline any further than what we have already seen.
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