• Market Cap: $1,107,542,807,196.62
  • 24h Vol: $36,803,263,263.86
  • BTC Dominance: 47.50%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Will Ethereum Merge hopium continue, or is it a bull trap?

Jon Hartney by Jon Hartney
July 20, 2022
in Bitcoin, Blockchain, Business, Market
0
Will Ethereum Merge hopium continue, or is it a bull trap?
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

ETH has gained 48% over the past week, leaving most of its crypto brethren behind — though it’s still risky days ahead given the macroeconomic factors still at play.

Ethereum is outperforming the broader cryptocurrency market as the highly anticipated Merge approaches, but the bigger picture is still largely bearish.

Ethereum (ETH) has gained a whopping 48% over the past seven days, outperforming its big brother Bitcoin, which has only managed to achieve 19% in the same period. It’s also up 66% from its market cycle bottom of $918 on June 19, reaching its current price of $1549.

Related articles

X Announces Upcoming Payment Integration: Dogecoin On The List?

X Announces Upcoming Payment Integration: Dogecoin On The List?

September 21, 2023
Polygon (MATIC) Comeback Challenges – What’s Holding It Back?

Polygon (MATIC) Comeback Challenges – What’s Holding It Back?

September 21, 2023

However, the current Ethereum rally could be a bull trap with the macroeconomic clouds darkening. A bull trap is a signal indicating that a declining trend in a crypto asset has reversed and is heading upwards when it will actually continue downwards.

The primary driver of recent momentum for the asset has been linked to announcements regarding its final switch to proof-of-stake, which has been slated for September 19.

The Merge will reduce the network’s energy consumption by more than 99%. However, it will not necessarily reduce transaction fees significantly as this will occur when scaling takes place via sharding which is expected sometime next year.

On July 19, a Coinbase report on the Merge explained that the next major step, and last dress rehearsal, is the Goerli testnet Merge which has been planned for August 11.

Goerli is the most battle-tested Ethereum environment with the most user activity and the closest simulation of the real thing.

Is This Me who is Thinking that Ethereum will start the BULL RUN with his Merge ??#eth #Ethereum #ethereum2 #ethereum #Bullish #bullish pic.twitter.com/oSHDKTz6vw

— Crypto Diamond (@ImCryptoDimond) July 19, 2022

While the major upgrade is the fundamental driver of current Ethereum market sentiment, the asset is still trading down 68% from its November 2021 all-time high.

There have also been concerns that a significant amount of ETH may flood the market after the Merge and its release from its staking smart contracts.

However, director of research at 21Shares, Eliézer Ndinga, told Cointelegraph that this is unlikely to happen:

“The withdrawals of Ether won’t occur until 6-12 months post Merge after the Shanghai upgrade. The withdrawals will be limited to six validators every epoch or ~ 6 minutes to avoid bank runs and keep the network secure.”

Related: Ethereum devs confirm the perpetual date for The Merge

A recent survey by Finder, conducted before the most recent rally sai there is still a lot of negative sentiment regarding short-term Ethereum prices. 

The panel of 54 industry experts polled thought ETH would be worth $1,711 by the end of 2022, climbing to $5,739 by 2025, before hitting $14,412 by 2030. However, they also thought it would dump to $675 before the year was out.

Finder said there are a couple of macroeconomic factors that could cause this retreat. The U.S. Federal Reserve is expected to hike rates again by 75 basis points during their July 26-27 meeting, which is generally bearish for crypto markets. If Bitcoin takes a dive, Ethereum is sure to follow.

Additionally, the U.S. Bureau of Economic Analysis (BEA) will release its advance estimate of second-quarter GDP growth on July 28. Another negative quarter, which is expected, will mean that the country is in a technical recession which is also very bad for risk-on assets such as Ethereum.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

X Announces Upcoming Payment Integration: Dogecoin On The List?

X Announces Upcoming Payment Integration: Dogecoin On The List?

by Jon Hartney
September 21, 2023
0

Dogecoin enthusiasts are buzzing with anticipation following recent developments at X, the platform previously known as Twitter As part of...

Polygon (MATIC) Comeback Challenges – What’s Holding It Back?

Polygon (MATIC) Comeback Challenges – What’s Holding It Back?

by Jon Hartney
September 21, 2023
0

Polygon (MATIC) enthusiasts remain undeterred as they continue to push the price of the digital asset higher despite a prevailing...

Phishing victim sends eye-watering $4.5M in USDT to scammer

Phishing victim sends eye-watering $4.5M in USDT to scammer

by Jon Hartney
September 21, 2023
0

On-chain data shows the $45 million was first transferred from the Kraken crypto exchange before eventually arriving at

Optimism to sell $160M in OP tokens to 7 purchasers via private sale

Optimism to sell $160M in OP tokens to 7 purchasers via private sale

by Jon Hartney
September 21, 2023
0

The Optimism network has revealed that it will sell 116 million OP tokens in a series of planned sales

UK politicians don metaverse avatars as they share Web3 roadmap

UK politicians don metaverse avatars as they share Web3 roadmap

by Jon Hartney
September 21, 2023
0

“Web3 represents a paradigm shift that reimagines the very fabric of the internet,” said British MP Natalie

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
X Announces Upcoming Payment Integration: Dogecoin On The List?

X Announces Upcoming Payment Integration: Dogecoin On The List?

September 21, 2023
Polygon (MATIC) Comeback Challenges – What’s Holding It Back?

Polygon (MATIC) Comeback Challenges – What’s Holding It Back?

September 21, 2023
Phishing victim sends eye-watering $4.5M in USDT to scammer

Phishing victim sends eye-watering $4.5M in USDT to scammer

September 21, 2023
Optimism to sell $160M in OP tokens to 7 purchasers via private sale

Optimism to sell $160M in OP tokens to 7 purchasers via private sale

September 21, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • X Announces Upcoming Payment Integration: Dogecoin On The List? September 21, 2023
  • Polygon (MATIC) Comeback Challenges – What’s Holding It Back? September 21, 2023
  • Phishing victim sends eye-watering $4.5M in USDT to scammer September 21, 2023
  • Optimism to sell $160M in OP tokens to 7 purchasers via private sale September 21, 2023
  • UK politicians don metaverse avatars as they share Web3 roadmap September 21, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$26,971.00-0.63%
  • ethereumEthereum(ETH)$1,618.72-1.04%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.06%
  • binancecoinBNB(BNB)$213.18-1.54%
  • rippleXRP(XRP)$0.51-0.72%
  • usd-coinUSD Coin(USDC)$1.00-0.06%
  • staked-etherLido Staked Ether(STETH)$1,615.90-1.18%
  • dogecoinDogecoin(DOGE)$0.0625450.25%
  • cardanoCardano(ADA)$0.249560-1.34%
  • solanaSolana(SOL)$19.88-0.59%
  • ToncoinToncoin(TON)$2.35-7.49%
  • tronTRON(TRX)$0.083483-1.34%
  • Wrapped stETHWrapped stETH(WSTETH)$1,865.160.38%
  • polkadotPolkadot(DOT)$4.10-0.56%
  • matic-networkPolygon(MATIC)$0.54-0.79%
  • litecoinLitecoin(LTC)$64.17-3.54%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,930.00-0.70%
  • shiba-inuShiba Inu(SHIB)$0.000007-0.38%
  • bitcoin-cashBitcoin Cash(BCH)$212.63-1.54%
  • daiDai(DAI)$1.00-0.20%
  • chainlinkChainlink(LINK)$6.79-0.36%
  • leo-tokenLEO Token(LEO)$3.842.26%
  • true-usdTrueUSD(TUSD)$1.00-0.21%
  • uniswapUniswap(UNI)$4.31-2.07%
  • avalanche-2Avalanche(AVAX)$8.93-1.90%
  • stellarStellar(XLM)$0.113769-3.91%
  • moneroMonero(XMR)$147.03-0.33%
  • okbOKB(OKB)$43.13-2.07%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • binance-usdBinance USD(BUSD)$1.000.00%
  • BSCEXBSCEX(BSCX)$237.310.49%
  • ethereum-classicEthereum Classic(ETC)$15.42-1.28%
  • cosmosCosmos Hub(ATOM)$7.440.74%
  • hedera-hashgraphHedera(HBAR)$0.0507110.19%
  • filecoinFilecoin(FIL)$3.28-2.84%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • lido-daoLido DAO(LDO)$1.55-0.80%
  • crypto-com-chainCronos(CRO)$0.0513930.00%
  • internet-computerInternet Computer(ICP)$2.99-1.10%
  • quant-networkQuant(QNT)$89.70-1.68%
  • MantleMantle(MNT)$0.401605-0.38%
  • vechainVeChain(VET)$0.017485-0.77%
  • AptosAptos(APT)$5.14-0.76%
  • makerMaker(MKR)$1,332.062.42%
  • optimismOptimism(OP)$1.34-2.53%
  • ArbitrumArbitrum(ARB)$0.84-1.78%
  • nearNEAR Protocol(NEAR)$1.130.74%
  • KaspaKaspa(KAS)$0.048784-6.36%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • aaveAave(AAVE)$63.672.67%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,755.22-1.18%
  • BitDAOBitDAO(BIT)$0.592.96%
  • the-graphThe Graph(GRT)$0.0898490.11%
  • immutable-xImmutableX(IMX)$0.7027.60%
  • algorandAlgorand(ALGO)$0.0988613.74%
  • WhiteBIT CoinWhiteBIT Coin(WBT)$5.30-0.52%
  • xdce-crowd-saleXDC Network(XDC)$0.053567-1.71%
  • usddUSDD(USDD)$1.00-0.11%
  • elrond-erd-2MultiversX(EGLD)$26.743.48%
  • havvenSynthetix Network(SNX)$2.11-2.13%
  • blockstackStacks(STX)$0.483246-0.04%
  • fraxFrax(FRAX)$1.00-0.11%
  • eosEOS(EOS)$0.58-0.21%
  • Bitget TokenBitget Token(BGB)$0.453556-0.77%
  • tezosTezos(XTZ)$0.67-0.60%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • the-sandboxThe Sandbox(SAND)$0.299761-0.47%
  • injective-protocolInjective(INJ)$7.25-2.33%
  • render-tokenRender(RNDR)$1.631.92%
  • bitcoin-cash-svBitcoin SV(BSV)$31.21-0.44%
  • radixRadix(XRD)$0.0578351.64%
  • theta-tokenTheta Network(THETA)$0.59-3.60%
  • axie-infinityAxie Infinity(AXS)$4.50-0.32%
  • decentralandDecentraland(MANA)$0.2988690.61%
  • fantomFantom(FTM)$0.191700-0.47%
  • thorchainTHORChain(RUNE)$1.77-5.28%
  • gatechain-tokenGate(GT)$3.870.22%
  • neoNEO(NEO)$7.47-0.75%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • kavaKava(KAVA)$0.63-0.44%
  • paxos-standardPax Dollar(USDP)$1.00-0.13%
  • compound-ethercETH(CETH)$32.49-1.01%
  • pax-goldPAX Gold(PAXG)$1,919.740.16%
  • tether-goldTether Gold(XAUT)$1,927.68-0.15%
  • flowFlow(FLOW)$0.4543572.02%
  • ecasheCash(XEC)$0.000024-5.81%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • Halo CoinHalo Coin(HALO)$0.057345-0.05%
  • convex-crvConvex CRV(CVXCRV)$1.47184.01%
  • kucoin-sharesKuCoin(KCS)$4.540.46%
  • rocket-poolRocket Pool(RPL)$21.62-3.24%
  • Frax EtherFrax Ether(FRXETH)$1,614.57-1.18%
  • chilizChiliz(CHZ)$0.0591300.16%
  • iotaIOTA(MIOTA)$0.147572-0.46%
  • apecoinApeCoin(APE)$1.11-1.93%
  • Tokenize XchangeTokenize Xchange(TKX)$5.05-0.39%
  • curve-dao-tokenCurve DAO(CRV)$0.4495752.17%
  • frax-shareFrax Share(FXS)$5.320.17%
  • First Digital USDFirst Digital USD(FDUSD)$1.00-0.14%