Ethereum Rally Proves Shaky Right Before The Merge

  • 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%.

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?” / 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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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.