{"id":503004,"date":"2022-09-21T06:43:29","date_gmt":"2022-09-21T06:43:29","guid":{"rendered":"https:\/\/wncen.com\/?p=503004"},"modified":"2024-06-11T14:26:24","modified_gmt":"2024-06-11T14:26:24","slug":"post-merge-profit-taking-cuts-13-off-ethereum-ratio-against-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/post-merge-profit-taking-cuts-13-off-ethereum-ratio-against-btc\/","title":{"rendered":"Post-Merge Profit-Taking Cuts 13% Off Ethereum Ratio Against BTC"},"content":{"rendered":"<p><span style=\"font-weight: 400\">We\u2019re in a post-merge world, and the lessons keep arriving. As it turns out, the mythical Merge was a sell-the-news event for Ethereum. Technically, the event was a success and Ethereum kept a 100% uptime as optimistically predicted. Economically, the asset has been bleeding for the whole post-merge season. As a result, Ethereum lost ground against bitcoin, and bitcoin dominance is back up.<\/span><\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/ethereum-price-declining-following-the-merge-vital-trading-levels-to-follow\/\"> Ethereum Price Is Declining Following The Merge, Vital Trading Levels To Follow<\/a><\/div>\n<p><span style=\"font-weight: 400\">Let\u2019s go to <\/span><a href=\"https:\/\/www.research.arcane.no\/the-weekly-update\" rel=\"nofollow\"><span style=\"font-weight: 400\">Arcane Research\u2019s The Weekly Update<\/span><\/a><span style=\"font-weight: 400\"> for the exact stats and numbers:\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cSince the merge, Ether (ETH) is down 17% in USD and down 13% compared to BTC, with ETHBTC currently trading at 0.07. ETH has found support at 0.07 ETHBTC, which represents the average ETHBTC price over the last 365 days.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Will this become a tendency or are these just the post-merge jitters?\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">The Post-Merge Post-Mortem<\/span><\/h2>\n<p><span style=\"font-weight: 400\">For a rational analysis, let\u2019s quote The Weekly Update:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cEther traded idly after the merge, and volatility remained low until U.S. markets opened down. The ETH blow was related to a correlated environment to risk assets, but excess leverage from long traders contributed to exacerbating Ether\u2019s relative underperformance versus BTC.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">And the fact of the matter is that the old adage \u201cbuy the rumor, sell the news\u201d applies perfectly here. Fuelled by hype, Ethereum\u2019s price ballooned before the event. It was still far away from its all-time high of around $4,8K, but $1.7K was great for the market we\u2019re in. The asset outperformed bitcoin and threatened its dominance. It was overbought, though. Post-merge, people sold and ETH is now in a downtrend. Textbook behavior that shouldn\u2019t surprise a soul.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The chart to watch, though, is that of Ethereum\u2019s issuance. The main difference between the post-merge Ethereum and its predecessor is that the new coin will be much more scarce. And that could affect the price tremendously.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-503007 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/ETHUSD_2022-09-21_03-32-46.png?resize=460%2C256\" alt=\"ETHUSD price chart for 09\/21\/2022 - TradingView\" width=\"460\" height=\"256\"><\/p>\n<pre style=\"text-align: center\">ETH price chart for 09\/21\/2022 on Bittrex | Source: ETH\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">State Of The Ethereum Forks<\/span><\/h2>\n<p><span style=\"font-weight: 400\">One of the drivers of the pre-merge rally was the expectation that there might be forks and there might be airdrops. Two brand new Ethereum forks emerged from the messy situation. Those two suffered the most during this post-merge period. Back to The Weekly Update:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cEther has not struggled in isolation, Ether forks have experienced severe headwinds, and both ETHW and Poloniex\u2019s competitor fork EthereumFair (ETF) have seen more than two-thirds of their valuation slashed since launch.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">This brutal smackdown was to be expected. All forks generate something akin to an airdrop, as people received the equivalent to the ETH they had in ETHW and ETF. Users exchanged that free money for harder currencies pretty fast. And now it\u2019s time for those forks, who the all-powerful stablecoins don\u2019t support, to prove their worth.<\/span><\/p>\n<div class=\"related-reading-shortcode\" style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-dominance-reaches-all-time-lows-as-the-merge-nears\/\"> Bitcoin Dominance Reaches All-Time Lows As The Merge Nears<\/a><\/div>\n<p><span style=\"font-weight: 400\">An older fork was also in the news because of the merge and has been struggling as much as its cousins.\u00a0<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cEthereum Classic has also underperformed versus ETH. Amid the merge, many miners migrated to ETC, leading ETC\u2019s hashrate to peak at 300 TH\/s. However, as the difficulty has increased in ETC, the hashrate in ETC has declined to 186 TH\/s\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Some people thought that Ethereum Classic, who remains a Proof-Of-Work blockchain, was going to thrive post-merge. So far, they\u2019ve been proven wrong. But we\u2019re in the early innings and things might drastically change for old reliable Ethereum Classic.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-503008 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/ETHBTCXXXXXXXXXXXXXXXXXXXXXXXxx.jpg?resize=460%2C366\" alt=\"ETHBTC dominance chart\" width=\"460\" height=\"366\"><\/p>\n<pre style=\"text-align: center\">ETHBTC price chart on Binance | Source: <a href=\"https:\/\/www.research.arcane.no\/the-weekly-update\" rel=\"nofollow\"><span style=\"font-weight: 400\">The Weekly Update<\/span><\/a><\/pre>\n<h2><span style=\"font-weight: 400\">Conclusions<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Apparently, the merge was a success but the price didn\u2019t hear the news. However, we should take into account that September is usually a bad month for cryptocurrencies in general. That, mixed with the classic \u201cbuy the rumor, sell the news\u201d behavior have ETH against the ropes. For now.<\/span><\/p>\n<pre style=\"text-align: center\">Featured Image by <a href=\"https:\/\/pixabay.com\/users\/geralt-9301\/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1412062\" rel=\"nofollow\">Gerd Altmann<\/a> from <a href=\"https:\/\/pixabay.com\/\/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=1412062\" rel=\"nofollow\">Pixabay<\/a> | Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a> and <a href=\"https:\/\/www.research.arcane.no\/the-weekly-update\" rel=\"nofollow\"><span style=\"font-weight: 400\">The Weekly Update<\/span><\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019re in a post-merge world, and the lessons keep arriving. As it turns out, the mythical Merge was a sell-the-news event for Ethereum. Technically, the event was a success and Ethereum kept a 100% uptime as optimistically predicted. Economically, the asset has been bleeding for the whole post-merge season. As a result, Ethereum lost ground against bitcoin, and bitcoin dominance is back up. Related Reading: Ethereum Price Is Declining Following The Merge, Vital Trading Levels To Follow Let\u2019s go to Arcane Research\u2019s The Weekly Update for the exact stats and numbers:\u00a0 \u201cSince the merge, Ether (ETH) is down 17% in USD and down 13% compared to BTC, with ETHBTC currently trading at 0.07. ETH has found support at 0.07 ETHBTC, which represents the average ETHBTC price over the last 365 days.\u201d Will this become a tendency or are these just the post-merge jitters?\u00a0 The Post-Merge Post-Mortem For a rational analysis, let\u2019s quote The Weekly Update: \u201cEther traded idly after the merge, and volatility remained low until U.S. markets opened down. The ETH blow was related to a correlated environment to risk assets, but excess leverage from long traders contributed to exacerbating Ether\u2019s relative underperformance versus BTC.\u201d And the fact of the matter is that the old adage \u201cbuy the rumor, sell the news\u201d applies perfectly here. Fuelled by hype, Ethereum\u2019s price ballooned before the event. It was still far away from its all-time high of around $4,8K, but $1.7K was great for the market we\u2019re in. The asset outperformed bitcoin and threatened its dominance. It was overbought, though. Post-merge, people sold and ETH is now in a downtrend. Textbook behavior that shouldn\u2019t surprise a soul. The chart to watch, though, is that of Ethereum\u2019s issuance. The main difference between the post-merge Ethereum and its predecessor is that the new coin will be much more scarce. And that could affect the price tremendously. ETH price chart for 09\/21\/2022 on Bittrex | Source: ETH\/USD on TradingView.com State Of The Ethereum Forks One of the drivers of the pre-merge rally was the expectation that there might be forks and there might be airdrops. Two brand new Ethereum forks emerged from the messy situation. Those two suffered the most during this post-merge period. Back to The Weekly Update: \u201cEther has not struggled in isolation, Ether forks have experienced severe headwinds, and both ETHW and Poloniex\u2019s competitor fork EthereumFair (ETF) have seen more than two-thirds of their valuation slashed since launch.\u201d This brutal smackdown was to be expected. All forks generate something akin to an airdrop, as people received the equivalent to the ETH they had in ETHW and ETF. Users exchanged that free money for harder currencies pretty fast. And now it\u2019s time for those forks, who the all-powerful stablecoins don\u2019t support, to prove their worth. Related Reading: Bitcoin Dominance Reaches All-Time Lows As The Merge Nears An older fork was also in the news because of the merge and has been struggling as much as its cousins.\u00a0 \u201cEthereum Classic has also underperformed versus ETH. Amid the merge, many miners migrated to ETC, leading ETC\u2019s hashrate to peak at 300 TH\/s. However, as the difficulty has increased in ETC, the hashrate in ETC has declined to 186 TH\/s\u201d Some people thought that Ethereum Classic, who remains a Proof-Of-Work blockchain, was going to thrive post-merge. So far, they\u2019ve been proven wrong. But we\u2019re in the early innings and things might drastically change for old reliable Ethereum Classic.\u00a0 ETHBTC price chart on Binance | Source: The Weekly Update Conclusions Apparently, the merge was a success but the price didn\u2019t hear the news. However, we should take into account that September is usually a bad month for cryptocurrencies in general. That, mixed with the classic \u201cbuy the rumor, sell the news\u201d behavior have ETH against the ropes. For now. Featured Image by Gerd Altmann from Pixabay | Charts by TradingView and The Weekly Update<\/p>\n","protected":false},"author":539,"featured_media":503006,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625,86777],"tags":[83652,13510,86394,1944,9134,86905,85736,86894,86904,3537,3538,86906,86907,84832,83960],"class_list":["post-503004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","category-ethereum-classic-etc","tag-arcane-research","tag-bitcoin-dominance","tag-buy-the-rumor","tag-etf","tag-ethereum-classic","tag-ethereum-forks","tag-ethereum-merge","tag-ethw","tag-post-merge","tag-proof-of-stake","tag-proof-of-work","tag-sell-the-news","tag-sell-the-news-event","tag-the-merge","tag-the-weekly-update"],"acf":[],"yoast_head":"\n<title>Post-Merge Profit-Taking Cuts 13% Off Ethereum Ratio Against BTC<\/title>\n<meta name=\"description\" content=\"We\u2019re in a post-merge world, and the lessons keep arriving. 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