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Ethereum Drops 9% Despite Merge as Traders Are Selling News

Thu, 09/15/2022 - 16:07
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Yuri Molchan
Second biggest crypto is plunging after successfully conducting Merge upgrade
Ethereum Drops 9% Despite Merge as Traders Are Selling News
Cover image via unsplash.com

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After the implementation of the Merge upgrade on Ethereum earlier today and congratulations sent by Vitalik Buterin to the ETH community, the native coin of this blockchain, ETH, started going down in price.

After two small red candles, it printed a big hourly one. Overall, Ethereum has fallen over 9% — from $1,636 to $1,478 at the time of the publication.

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Image via TradingView

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Charles Edwards, founder of the Capriole Investments fund, tweeted earlier today that many are calling the Merge a sell-the-news event. He hoped that it would not happen since he believes the Merge to be an "Ethereum halving" event. With the transition to the proof-of-stake protocol, the ETH supply is going to increase much less quickly.

However, the CIO of Moskovski Capital believes that the price drop that is taking place right now is because traders are selling the news of the ETH Merge. However, many experts believe that "ETH is woefully underpriced and there's a catalyst around the corner."

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.