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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Completes “The Merge”, But Why ETH Failed To React

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Ethereum price eth ethusdt

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Ethereum has completed one of its most significant milestone with the successful completion of “The Merge”, the migration to a Proof-of-Stake (PoS) consensus. Market participants were expecting an aggressive price action during this event, but the results might be disappointing.

And we finalized!

Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.

— vitalik.eth (@VitalikButerin) September 15, 2022

Related Reading: Crypto Market Hasn’t Bottomed Yet, Analyst Says – More Pain Ahead?

At the time of writing, Ethereum (ETH) trades at $1,480 with a 7% and 8% loss in the last 24 hours and 7 days, respectively. The second cryptocurrency failed to consolidate a rally into the previously lost territory, rather the price action seems to be trending to the downside on lower timeframes.

Ethereum ETH ETHUSDT
ETH’s price crashed after “The Merge” on the 4-hour chart. Source: ETHUSDT Tradingview

Why “The Merge” Was A No Event For Ethereum

Ethereum was able to approach the $1,800 price market but was rejected from those levels due to two critical macroeconomic events. Trading firm QCP Capital recorded a lack of activity from the market in the days previous to “The Merge”.

In that sense, the event went from operating as a potential price catalyzer to either direction to a “volatility killer”. The most uncertain after about the migration to PoS, the firm believes, was the ETH forks and the miners attempting to claim a portion of the cryptocurrency’s market share.

However, the ETH forks were a “disappointment” as the proponents failed to convince the market about their future and potential to replace ETH PoS. QCP Capital noted:

mkt finally came to terms with ETHW as a potential massive disappointment last wk, following their “totally” whitepaper release (9 pgs of “this page is intentionally left blank”). Coupled with the chain ID debacle, meaning nobody will be able to actually test the chain pre-fork.

Still, the market might experience some volatility as large players unwind their “Merge” positions. QCP Capital concluded:

Longer-term the ETH POS should be bullish, but we are not expecting an immediate breakout move post-merge. We are anticipating a huge pressure on the ETH vols post-merge.

The Macro Outlook

A slowdown in inflation might support the about, QCP Capital believes the upward trajectory for this metric has “peaked and is headed lower”. This might provide crypto and other risk assets with support to bounce from their current levels.

The market is pricing in an aggressive Federal Reserve (Fed) which might operate as a bullish factor if the institution hints at a less aggressive monetary policy. At the time of writing, market participants are expecting the Fed to hike interest rates by 75 to 100 basis points (bps).

Related Reading: TA: Bitcoin Price At Major Risk of A Breakdown Below $20K: Here’s Why

In the coming months, with a persistent downside trend in inflation, the Fed might finally pivot and the crypto market might rally. Ethereum seems poised to take advantage of a shift in macro-dynamics with the successful “Merge”.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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