Ethereum Price Struggles to Flip Bullish Following the Merge
Ethereum (ETH) continues its sideways trading pattern observed on Wednesday in the run-up to the network’s switch to proof-of-stake (PoS), changing hands at $1,591 at the time of this writing, or down 0.90% over the past 24 hours, per CoinMarketCap. The industry’s second-largest cryptocurrency successfully completed.
Though enthusiasm before and shortly after the merge, as the transition is otherwise called, pushed Ethereum to $1,643, the momentum was quite short-lived, with prices plummeting fast below the $1,600 mark again. Ethereum’s market cap is over $194 billion, and its 24-hour trading volume is $25.5 billion at press time, up about 10% over the day. One specific chart suggests that investors may have anticipated the drop in prices following the merge, preparing to dump their holdings.
