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On 16th August, 2022, Arthur Hayes put his thoughts over Ethereum in a blog post. BitMEX founder thinks that Ethereum (ETH) seems to see a corrective move very soon. He argues that the correction is most likely to take place even though the Merge update is around the corner. Considering the most awaited upgrade is to launch soon. If it does not turn out to be on expectations, then the network might take a hit and the native crypto asset would fall down.
According to the post, Hayes noted that if the Merge remains unsuccessful then the ETH will experience a quick dump. This would show up the high market expectations against the actual reality. The currency deflation and its price will show a potential negative reflex. In any such case, crypto traders are more likely to either sell their Ethereum (ETH) or disown their crypto asset.
It is not an unknown fact that Ethereum is the decentralized network with the second largest market cap. It should also be considered here that it has managed to attain such heights without any upgrade like the Merge. On top of that, when it comes to the decentralized applications (DApps), the blockchain network tops in terms of both numbers and their utilities. Additionally, most layer-1 chain developers exist on the Ethereum network.
Currently Etheeum (ETH) is trading around $1,741 with a 24 hour drop of 6.10%. While anticipating ETH price drop, Hayes expects it would be dropping lower than 800 USD to 1000 USD.
The Merge upgrade is expected to bring tremendous value to Ethereum network, which will eventually be reflected in its native crypto asset. The upgrade is said to launch by September 19th. This will facilitate transition of the network from proof-of-work to proof-of-stakes. Other issues including scalability and transaction fees are also expected to be resolved after the merge upgrade.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
