With just over two weeks left until The Merge, ethereum’s value against the U.S. dollar has lost all the gains the crypto asset recorded leading up to the hardened date. In mid-August, ether managed to climb above the $2K zone but since then, the second largest cryptocurrency by market cap lost 23% over the past 14 days. Today, ethereum is the worst performing crypto out of the top ten largest coins, shedding close to 10% in 24 hours.
Market Observers Say ‘Ethereum Led the Pump, Now It Leads the Dump’
On July 14, Ethereum Beacon chain community director Superphiz shared a pencilled-in timeline concerning Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), and the unofficial timeline noted The Merge could happen on September 19. Since this date, ethereum’s USD value jumped significantly, reaching $2,030 per unit on August 14. In between that timeframe, Ethereum developers hardened The Merge date by setting the consensus layer shift to when Ethereum network’s Total Terminal Difficulty (TTD) hits 58750000000000000000000.
From that day on August 11, ether’s USD value remained high, but the price fell approximately three days later. ETH’s value tumbled down to a low of $1,569 per unit on August 20, but managed to climb back above the $1,700 per unit range on August 25. On that day, two days ago, Ethereum developers published an official timeline for The Merge called the “Mainnet Merge Announcement.” Since the official news dropped, ether slipped below the $1,700 zone to $1,649 by Friday morning (EST).
Jerome Powell’s Jackson Hole speech on Friday caused an immediate downturn in equity and cryptocurrency markets, and ETH shed even more gains during Friday evening’s trading sessions (EST). ETH’s
