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Ethereum risks another 10% drop versus Bitcoin as $15.4M exits ETH investment funds

Published 09/22/2022, 07:05 AM
Updated 09/22/2022, 08:40 AM
Ethereum risks another 10% drop versus Bitcoin as $15.4M exits ETH investment funds

Ethereum's Merge on Sep. 15 turned out to be a sell-the-news event, which looks set to continue.

Notably, Ether (ETH) dropped considerably against the U.S. dollar and Bitcoin (BTC) after the Merge. As of Sep. 22, ETH/USD and ETH/BTC trading pairs were down by more than 20% and 17%, respectively, since Ethereum's switch to Proof-of-Stake (PoS.

ETH/USD and ETH/BTC daily price chart. Source: TradingView
ETH 2.0 total value staked by provider. Source: Glassnode
ETH/BTC price performance around key Ethereum events. Source: TradingView
ETH/BTC three-day price chart. Source: TradingView

ETH/USD's bearish setup is worse

ETH/USD three-day price chart featuring 'ascending triangle' pattern. Source: TradingView

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