Ethereum's Merge failed to give the market a lift?

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(Edited)

It is often a time for building and developing blockchains during the bear market like the case with Hive, with a lot going on in the background. Ethereum's Merge attracted a lot of attention which is well deserved considering being the second largest cryptocurrency by market capitalization.

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Pre Merge

The hype around Ethereum as the Merge approached presented the possibility of a bullish momentum at least to some extent.

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Above is a 30 days chart of Ethereum as it tries to hit the $1.9k mark. It hovered around $1.7k as it tries to gain momentum. It is safe to say the hype impacted the price movement positively pre Merge.

Post Merge

Haven peaked at $1780 within the last seven days and Merge is two days behind us Ethereum currently trades at $1425. It has been a year-long bear market, a breather will do in relieving the bulls from the bearish pull-down. I had some expectations from Ethereum to give the market some green candles.
Presently with a -17.1% ETH dip in a week, the bulls will have to seek momentum somewhere within the market.

Hive

It might interest you to know Hive is currently exchanging hands for $0.55, a -2.7% dip in seven days.

LEO

If you are looking at increasing your LEO stake, you will have to part with $0.064 per LEO token at the moment.

SPS

SPS currently trades at $0.079, the Splinterlands governance token has been on a bullish run pre-Riftwatchers, the token is up 16.7% in a week.

Another week is now behind us with the global cryptocurrency market cap above a Trillion dollars. We've got to keep stacking up as 2022 draws to an end.

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Gif by @mariosfame

We owe it to ourselves to make Hive great

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Image by @doze**

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41 comments
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What does the post merge down trend depicts for Ethrium?

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I haven't dug deeper but from an article, I read there seem to be elements of centralization which is not what we want in crypto.

However, the decentralization of the network may have taken a hit, considering the suspicious holder distribution and the questionable nature of the biggest Ethereum investor on the market.
Source

I am keen on the development of Ethereum, so I will be on the lookout for the general outcome of Ethereum post Merge.

!PIZZA

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🤔🤔....

Seriously crypto things make no sense to me often...... hehe. But still I am here 😃

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Patience is name of the game, nice weekly roundup once again!

!BEER

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Thanks, Joan, we have to endure this moment of market dip for a better bull season.

A wonderful evening to you.

!PIZZA

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Looks like a little rain approaching, snow on the mountains again, wrap up warm it's winter again yeah!

!LUV Saturday night!

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It is warm weather over here, currently, 23 degrees perhaps the cold front might come our way. One day it is hot the next it is cold, we can do with rain though.

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Some rain early hours of morning at 22 currently, I believe it is awfully dry up there so hope this rain starts to reach you as well.

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Warm and sunny 🌞 Sunday, no complains with slight wind good for outdoor.

The loadshedding is crazy though at stage 5. It really is getting worse.

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Stage 6 now in rolling blackouts!

Shedding is when one has excess not sure where they came with calling it loadshedding when it is exactly the opposite..... we don't have electricity!

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What I also don't get is why the "loadshedding" is now worse than during winter when electricity consumption was higher.

To me it not making sense like Covid.

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Youth need to realize the country must make a big decision by 2024, get off their bum go vote the ANC out of power! Honeymoon with Mandela and Rainbow Nation is in the rear view mirror.

Lockdowns, blackouts, lack of water, homes, jobs..., all ties back into bad planning or no planning whatsoever. No honest outside business will invest into a broken system.

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It is just senseless for anyone to vote for specific political party because of past history, attachments or even tribalism.

We should put sentiments aside and cast votes wisely.

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Above is a 30 days chart of Ethereum as it tries to hit the $19k mark.

$19k?

Merge will be appreciated in the future, but right now there is a fight for the throne.

POW lovers still do not accept POS, the problem is here. POW still seems logical for those with the system installed, as miners' income has dropped significantly.

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Thanks for pointing out my typo error buddy, I've got it corrected for $1.9k.

There is a lot to take in on the progress of Ethereum post Merge, it would make sense for fans of POW unhappy with POS if their income drops.
We will see how the POS on Ethereum unfolds with time. Any idea on the gas fees is still high?

!PIZZA

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Thanks for pointing out my typo error buddy, I've got it corrected for $1.9k.

I read your posts carefully. :)

Any idea on the gas fees is still high?

A reduction in gas fees will not happen until Ethereum 2.0 implements blockchain sharding.

What Is Blockchain Sharding?

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I read your posts carefully

Lol, I appreciate that!

Sweet, until Sharding is integrated and the cost of the transaction is reasonable on Ethereum I will stay away.

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This is the most logical. But once the problems are fixed, the price may skyrocket. :)

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(Edited)

PIZZA!

PIZZA Holders sent $PIZZA tips in this post's comments:
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Learn more at https://hive.pizza.

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I think we have to wait a couple of month to see the change and if everything works well the price of ETH will pump.

This drop in the price was very predictable imo. A couple of months ago the price rose from 1k to 1.7k because of the expectation, but it was too obvious that when the merge occurs those ones who bought at the lower price will take their respective profits.

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Merge was a big update to Ethereum so time is thus needed to see how it performs.
Ethereum being a coin I will like to have in my portfolio, I would have bought it as well as I saw the hype it caused for some even predicting it flips Bitcoin.

!PIZZA

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I'm always agree that 'price doesn't reflect the project'.
but i still believe the Ethereum price is still a bit higher than its actual value.
one thing for sure, the move to PoS will open more gates and opportunity to Web3 ecosystems. as the network become 99.9% more environmentally friendlier than PoW, adoptions will be easier than before.

market does what market does, builder will keep building.

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I'm always agree that 'price doesn't reflect the project'.

I am 100% with you there, we can say that for Hive and an undervalued token considering the blockchain's capability and all it houses.

I look forward to an Ethereum that is user-friendly, I can't be responding to your comment for instance, and pay $2 for it.

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I can't be responding to your comment for instance, and pay $2 for it.

Yes! Say it louder! 😂

It's a bit sad, HIVE is criminally under-exposed.
I have onboarded hundreds of people to HIVE, from blogging and Splinterlands.
Facilitated many of them with HP delegations and regular votes.
So far, most of them stay and some of them continue to onboard the new people.
I know, my work here is just a speck of dust compared to the hype going on any random project in Ethereum. But I'm confident, HIVE will became big enough to the point, it can't be ignored anymore!

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Seriously the other day I tried creating a username to my Ethereum wallet address like my username here on Hive, it is a new App on Ethereum. I proceeded to create my username only to be put off by the cost which was around $11. Lol, that's ridiculous for me as being used to zero transaction fees on Hive.

Am okay with Hive being under the radar, it is not going to be like that forever but until then for those of us that are here now, we better keep accumulating more before it gets crazily busy on here.

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do you mean the ENS (Ethereum Name Service)?

Am okay with Hive being under the radar, it is not going to be like that forever but until then for those of us that are here now, we better keep accumulating more before it gets crazily busy on here.

yeah we share the same mind here 🤣

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Yes lol, I tried it out and wrote a post about it the other day.

It gets to show Hive has got some fundamentals in place that makes it a very robust accommodating blockchain.
It is not perfect but can always get better.

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I actually like ETH less after the merge.

Staked coins are still locked. ETH staking has the risk of coins getting slashed.

Now it is a centralized chain..

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Staked coins are still locked. ETH staking has the risk of coins getting slashed.

This is unlike what we have on Hive where each user is in control of their staking and duration.
This is an interesting perspective you've shared.

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All big events create hype when the price rises and after the event happens the price deflates. This was proven over and over historically, so I wasn't expecting the uptrend to continue right away. But in time the solid foundation will prevail and the price will reflect the value and power within the Ethereum blockchain.

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For the benefit of the crypto space generally, Ethereum is a major force, and it will be great to see this development makes Ethereum a lot more friendly to use.

I agree, hype is part of the crypto space it is up to everyone to do more research and not just buy into the hype.

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It's not like the merge changed or added more features to ETH. It just changed some of the core chain mechanics. So I am not surprised to see the price not really move.

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I guess I held high expectations of seeing ETH around $1.8k while I ignored the hype pre Merge.

!PIZZA

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