JPMorgan: The Ethereum Merge Hasn't Had a Big Impact on ETH Price Movement

Ethereum cryptocurrency. (Photo; Doc. Unsplash)

JAKARTA – The increase in The Merge Ethereum has not had a significant impact on the price performance of the ETH cryptocurrency. After the transition phase, the price of ETH actually fell. Currently, the ETH price movement is sideway.

JPMorgan analysts believe that crypto investors are still not pricing in the price hike of the Ethereum Merge. According to a CNBC report, the price of ETH has yet to see the impact of Ethereum's transition to Proof-of-Stake (PoS). This is in line with the prediction of the co-founder of Ethereum, Vitalik Buterin, that it will take some time to determine the price after The Merge.

Currently, Ethereum occupies the second position as the largest cryptocurrency by market capitalization after Bitcoin. Ethereum itself was first founded in 2013. One of the founders is Vitalik Buterin.

Reporting from Coingape, Vitalik said long before the Merger that ETH would need the right circumstances to take advantage of it. Buterin said that investors should expect a 6-8 month waiting period before the actual price action.

In this context, the number of addresses holding Ethereum is currently at its highest level in the last 10 months. Whether this situation will lead to a rise in the price of ETH remains to be seen in the near term. At current levels, ETH is at its weekly low. This compares to a weekly high of around $1,377 per coin.

Earlier on Tuesday, tech giant Google announced it would partner with Coinbase to enable Cloud user payments in cryptocurrencies. Among the cryptocurrencies that will be used for crypto payments are Bitcoin, Ethereum, and Dogecoin. This move can help Ethereum in expanding the use of ETH.