The Ethereum network merger with Beacon on September 13 cemented the conversion to the PoS consensus method and forever changed the landscape of the cryptocurrency industry, however the brief Bull surge that happened before that date quickly collapsed. A hard fork, where thousands of miners split off in different directions, was not observed. There was no catastrophic network outage, but apparently backers saw little promise, either.
15 percent of Ethereum is lost in three days.
Over 13% of ETH’s value was lost in the first six hours after the integration was proclaimed to be complete, when it dropped from $1650 to $1450. There were others who believed the price would fix itself, sending the asset back up to its monthly high, but reality eventually settled everything. The market never came back up in price. It is currently trading very close to the $1400 support line, which it almost broke through on September 16.
Bitcoin, meantime, has maintained its value over $20,000 and has seen an increase of around 7% since September 16. It appears that crypto investors are shifting their money away from Ethereum and toward BTC, perceiving it as a safer investment.
Even though it’s too soon to tell, this theory seems plausible given that the merging was a hype tactic utilized by some Bulls to raise buzz around ETH before dumping huge sums on the market and plummeting the price. Similarly, Cardano is making headway as it readies for its own crucial Vasil upgrade.
There is no denying Bitcoin’s status as the cryptocurrency industry’s leading token. We shouldn’t have been expecting the switcheroo. Not only did the ETH price not skyrocket, but the trend is currently being set by bears.
Will Ethereum have a chance to bounce back soon?
Many ETH supporters experienced a temporary surge of optimism during the Bull Run in the middle of August. ETH won’t disappear, but whether it will regain its former glory is another matter. Developer, user, and investor enthusiasm for Ethereum 2.0 is crucial.