The significance of the Ethereum Merge’s successful completion is still being evaluated about a month ago. The moment the Merge was finished on September 15, the price of Ethereum plummeted.
Many have hoped that the network upgrade would trigger a bear market. However, since then, the worth of Ethereum (ETH) has generally followed an inward slope.
Following the completion of the Merge, the price of ETH dropped significantly by almost 10%, and the downward momentum persisted.
As of writing, ETH has dropped by 24.69% in 30 days — going from roughly $1,600 since September 15 to the current price at $1,297. After the decline, the price maintained its value at $1,400 for a short period of time before declining further.
Analysts at JP Morgan think that the potential of the Ethereum Merge has not yet been factored in by crypto investors. The Merge has yet to truly impact the price of ETH, according to a CNBC article.
Ethereum co-founder Vitalik Buterin similarly said that it would take some time for prices to adjust following The Merge. Before the Merge, Vitalik predicted that ETH will finally be able to profit with the right circumstances. Buterin suggested to investors that it could take 6 to 8 months before the actual price movement takes effect.
The IT behemoth Google had recently announced a partnership with Coinbase to enable cryptocurrency payments for Cloud users. Bitcoin, Ethereum, and Dogecoin are among the cryptocurrencies that could be used for digital payments. This action might aid Ethereum in becoming more institutionalised.
