The hype around the Ethereum network had built up following the announcement that the Merge was scheduled to take place on September 15th if everything went according to plan. The price of ETH had seen a massive run-up off the back of the news, seeing it touch above $2,000, albeit briefly. However, as the weeks have passed, the hype around the Merge has begun to die down as people get used to it, causing the price of ETH to slide. ETH Slides To $1,500 After a tremendous 3-week run, the price of Ethereum seems to have reached a local peak. After reaching $2,000, the downward correction proved brutal, with the market recording double-digit losses. On The part of ETH, it has since lost about $500 off its value, amounting to about a 25% loss for the digital asset. Related Reading: Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected? Since the Merge still remains in view, it continues to be a beacon of hope for investors that the cryptocurrency has not seen the last of its bull rally. Even with the price decline, the asset is still holding firmly above its 50-day moving average, indicating that investors are resistant to the sell-off trend being established by bears. The die-down in hype was expected, but that is because the Merge is still about a month away. Investor sentiment is expected to recover as the market ushers in the new month. Furthermore, it is very likely that this will turn into a ‘buy the rumor, sell the ...
