The crypto market is in ruins, it was expected that the bearish market would be over soon and the corrections period would also expire soon, but nothing of the sort has happened. The crypto market, and especially the flagship cryptocurrencies Bitcoin and Ether, are struggling to make a comeback this year.
Both have been performing so poorly that investors have lost interest in both, and the sentiment is at an all-time low which quantifies the crypto market as a ship that is sinking, and everyone aboard is going to kiss the same fate.
Ethereum’s Merge Update
Huge expectations were tied with Ether as it was assumed that because of the Merge update coming up, the price momentum would finally catch up and will provide Ether a much-needed boost for the sake of rising above the $17,000 price limit, but nothing of the sort has happened. On the contrary, Ether has failed to reclaim this potential level and has lost about 7% or more of its value in the last seven days.
Analysts are closely studying the patterns that Ether is forming on the crypto graph, and there is a sighting of a rising wedge pattern which suggests a more bearish approach and the price of the asset taking a much heavier toll than it already has.
The relative strength index or the RSI for Ether is also below the baseline, which implies that the implementation of the Merge update is going to do nothing for the secondary cryptocurrency after Bitcoin.
Ether has lost the price momentum, and soon enough, it might lose the network activity that was providing the boat of Ether with much-needed buoyancy to stay afloat in terms of customers that approach the blockchain for the sake of conducting smart contracts oriented deals, playing with the ETF oriented funds that live on the blockchain or dealing with the NFTs if that thing is gone and investors are done with it then Ether pretty much is a goner for sure.