Ether In Grip Of Volatile Trade Following Long-Awaited Merge

0
107
Ether

Despite a strong slide in Ether prices, the altcoin managed to endure a critical phase after it plunged close to the $1,500 mark. But within days Ether has rebounded and has come back strongly with a 6% recovery. This resurgence by ETH could be an indication of the pivotal moment as there has been a reversal of around 16% over the last month.

But despite the smart recovery, the price performance has worried investors about it has that it could find it difficult to return to the $1,850 mark. Network activity and ETH derivatives could be crucial to this riddle.

Investor pessimism has been mitigated to a significant level through macroeconomic factors. It is a given since inflation in America has seen a significant acceleration for the 2nd month in a row. It reached 3.7% as per the recent CPI report. Such data strengthens the feeling that government debts in the US will see a significant and quick rise in the coming months. This could compel the US Treasury to give out higher yields.

Ether Prices Yet To Reflect Excitement Over The Merge

The Ethereum Merge finally went live this Thursday. This has sent the crypto investor community into a tizzy. Despite the hype of the ETH merge, the price continues to trade below the $1,600 mark. This Merge completes the transition to the proof-of-stake consensus. This will reduce energy consumption by 99.95% and also depreciate proof-of-work.

The price of Ether continues to be closely monitored. The coming months should see the price level show more clarity. ETH has been trading above the $1,590 mark with a market cap of the $194.63 B mark. However, there has been a significant rise in the volume level of Ether, which scaled up close to 22% within 24 hours. The trading in Ether continues to be volatile. The merger was the joining of the Mainnet of Ether with the Beacon Chain, its latest proof-of-stake consensus layer.