12 Hours For Ethereum Merge! ETH Price to See Huge Selling Pressure Dropping To This Level
The Ethereum merger is set to be completed within a few hours from now, and there are speculations that once the merger is completed, ETH will decline. This is because more traders are opting to short derivatives and several experts fear that this will lead to a ‘buy the rumor, sell the news kind of event. This means that people hype up a certain event in order to raise the prices and then, soon after, sell their gains- leading to massive crashes.
At the time of publication, Ethereum is changing hands at $1,591 after a fall of 8.59% in the last 24hrs. Bitcoin has dropped by 10.79% in the last 24hrs and is trading at $20,154.
Positive Impact To Take Time
As per Lark Davis, a popular influencer and trader, the upcoming Ethereum merger is actually a bullish event as this will lead to a huge drop in ETH’s energy consumption. However, he claims that this needs time, hence, ‘sell the news’ might occur and pull back the price.
This perspective has been popular in the crypto space of late. Several analysts anticipate that the ETH merger will definitely be beneficial, but the positive effects will take time to properly reflect. However, there are a few key factors that the merger fails to look into, like the waiting time and the high gas fee. Vitalik Buterin, Ethereum co-founder has claimed that his team has planned a four-phase plan to tackle such issues.Source