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Surge or purge? Why the Merge may not save Ethereum price from 'Septembear'

Published 09/03/2022, 10:22 AM
Updated 09/03/2022, 12:00 PM
Surge or purge? Why the Merge may not save Ethereum price from 'Septembear'

Surge or purge? Why the Merge may not save Ethereum price from 'Septembear'

Ethereum's native token, Ether (ETH), is not immune to downside risk in September after rallying approximately 90% from its bottom of around $880 in June.

Much of the token's upside move is attributed to the Merge, a technical upgrade that would make Ethereum a proof-of-stake (PoS) protocol, slated for Sep. 15.

ETH/USD weekly price chart. Source: TradingView
Ethereum OIVS for the contract expiring on Sept. 30, 2022. Source: Glassnode
Ethereum OIVS for the contract expiring on Oct. 28, 2022. Source: Glassnode
ETH/USD and Nasdaq daily correlation coefficient. Source: TradingView
ETH/USD weekly price chart featuring 'bear flag' setup. Source: TradingView

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