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While the media was talking about BTC dipping below $19K, a potentially more important story was developing in the background. The Ethereum merge did not bring more interest to the network switching to the PoS mechanism. Moreover, many crypto enthusiasts are starting to criticize Ethereum 2.0 for its unfair staking and potential centralization which was the core reason why many original supporters joined the network.
ETH loses the trust from investors
The market was very excited about the merge and the Bulls were trying to pump the market ahead of the event. ETH managed to reach a solid $2K price by the middle of August but lost its momentum. During the final week before the merge, the whole market was tracking how ETH was performing. As was predicted, a significant amount of ETH was dumped just after the merge causing the asset to dip below $1,450.
Just a day later, ETH was traded at $1400 and tried desperately to stand its ground on a very important border which was effortlessly breached two days later when the price reached the $1300 support level. While some analysts tried to analyze their way out and predicted that the asset will recover, their dreams were shattered just the next day.
On September 19, the price of ETH dropped to its two-month low of $1280. It since has recovered and returned to $1350, but it was a scary moment for many investors and those who held long positions in the market.
It is not over yet
While we all want Ethereum 2.0 to stabilize and take its place among another layer 1 networks with distinct advantages and disadvantages, it seems that it may take a long time. The market is in chaos right now with people not knowing what to do with their assets.
With BTC also underperforming and the global economy continuing its journey through an apparent recession, ETH does not infuse optimism in its investors who may be willing to move their funds to greener pastures now when the price is still holding. We will see how Cardano’s Vasil hard fork will change the landscape of the industry in just 3 days.
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