Ethereum Rally Proves Shaky Right Before The Merge

The-date-for-the-Ethereum-Merge-is-officially-confirmed!
  • Ethereum price is unimpressive at best despite The Merge arriving on September 15.
  • Some suspect that ETH rally may be over, while others advise to short it.
  • On the other hand, some cryptocurrencies such as Bitcoin (BTC) and Polygon (MATIC) are showing bullish signals.

Despite leading the market in bouncing back after a frigid first half of 2022, Ethereum (ETH) seems to be weakening right before The Merge. At the time of writing, ETH is changing hands at $1,691.19, according to CoinGecko. This is a 24-hour loss of almost 5%.

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Ethereum’s weak performance prompted some crypto influencers and analysts to doubt its capability to lead the market or at least break its current all-time high (ATH).

(1) Lark Davis on Twitter: “#ethereum merge rally over? https://t.co/LOf9zuSgy4” / Twitter

To be fair, ETH and most cryptocurrencies only bounced back recently after another bloodbath. Some expressed extremely bullish remarks, but seasoned traders cautioned others against betting all-in on crypto, given the global market situation.

(2) il Capo Of Crypto on Twitter: “Most people getting bullish now. Remember that this is a short squeeze, a bounce that happens during a bear market to continue the downtrend afterwards. I still expect a little bit higher (22500-23000), but soon I will turn full bearish again.” / Twitter

Popular crypto trader Jason Williams even took it one step further, advising people to short ETH.

(3) Jason A. Williams on Twitter: “You should short the merge.” / Twitter

In contrast, other cryptocurrencies such as Bitcoin (BTC) and Polygon (MATIC) are maintaining good prices. Currently, each BTC is worth $22,189.04, which translates to a 7-day gain of 12.1%. Meanwhile, MATIC is trading at $0.9177, an increase of 4.1% in the last 7 days.

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