On June 8, one of the biggest changes in the history of Ethereum's testnet took place while a large part of the cryptocurrency community did not notice. Unfortunately, the importance of the update got past the eyes and minds of ETH traders who pushed the price down during yesterday's trading session.
Successful merge
Implementation of the new update on the biggest test environment in Ethereum was an important step toward determining the stability and effectiveness of the update, which will take on the main Ethereum network in the foreseeable future.
But while developers and Ethereum maximalists are celebrating the update, traders and investors are not rushing to pump ETH back above $2,000 and beyond. According to TradingView, Ether lost around 1% of its value in the last 24 hours.
Why don't traders care about update?
Some Ethereum-related influencers expressed their frustration with ETH's most recent price action, while fundamental changes are being made in the background. But the true reason behind the anemic price performance is the market's nature to price news, events and updates even before they appear in the public space.
There is also the possibility of not seeing an increase in volatility when the update takes place on the main network, as it will be priced prior to the Merge. A spike in volatility and abnormal performance could happen if there would be any kind of technical issue that may cause problems using the coin or decentralized applications built on top of the network.
At press time, Ethereum trades at $1,811 and manages to gain back some of yesterday's losses as the crypto market sees slight sentiment improvements.