Merge Is Priced In
During the rallies that led up to the Ethereum Merge, there were debates on whether the upgrade had been finally priced into the value of the digital asset. At one point, ETH had rode the wave up to $2,000 but quickly lost its footing. Given this, it was a matter of what would be best for the digital asset.Now, after the Merge has been completed, it seems more settled that the price had already been priced in. For market analyst Julius Baer, he says that the best-case scenario would have been for the Merge to end up being a non-event. If this is true, then the current resistance to any sort of significant movement on the part of the digital asset is a good thing.
Merge fails to move ETH price | Source:
However, it is concerning that such a highly anticipated event seemed to have no bearing whatsoever on the price movement of the digital asset. But the market decline that followed the release of the CPI data earlier in the week has likely led to fatigue in the market.
Can Ethereum Rebound From Here?
Before the Merge, the price target from Ethereum had been $2,000, given the upward momentum that was recorded during that time. However, the dip in price has put the digital asset in an especially difficult position.The next major support level for the digital asset now lies at $1,500. However, a failure to properly hold this level will likely see Ethereum test the $1,300 territory once more.
Featured image from CNBC, chart from TradingView.com
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