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%.
Read CRYPTONEWSLAND onEthereum’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.
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.
Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether expressed or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers perform their own in-depth research before investing in cryptocurrency.
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