Ethereum Drops 9% Despite Merge as Traders Are Selling News

Ethereum Drops 9% Despite Merge as Traders Are Selling News

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

 

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.”

This article was originally published on  U.Today u.today

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