Real Impact Of Ethereum Merge Yet To Be Seen

• JP Morgan, a financial analyst says that the impact of the Ethereum merge is yet to be seen.
• Considering its current price, ETH has slipped 74% from its all-time high level.

The highly anticipated crypto event, The Ethereum (ETH)merge took place on the 15th of September 2022 and nearly a month after the effect of the merge is yet to kick in. In contrast to expectations, the price of Ethereum shed, this raised eyebrow in the crypto space.

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.

After the successful completion of the merge, it was actually hoped that the network upgrade could act as a catalyst for the bear market situation. The ETH price has been maintaining the path of a  sideways curve.

Immediately after the upgrade, the price nosedived by nearly10%, the negative momentum sustained for a while. At the time of publishing the Ethereum price stands at $1,302.96 up by 1.61% in the past 24 hours.

JP Morgan a financial analyst believes that crypto investors are yet to price in the upside from the Ethereum upgrade. The ETH price is yet to see its impact from the upgrade. This is in line with Vitalik Buterin, the Ethereum cofounder.

The latter stated that it could take a while to price in after the Merge. Before the Merge the richly said that Ethereum would need the right situation to capitalize, and investors should expect a 6-8 months waiting period before the actual price action.

The total number of addresses that hold ETH currently stands at a 10- month high. Whether this situation will lead to an ETH price rise is yet to be demystified in the future. In comparison with the weekly high of $1,377, ETH is at its weekly low range. Considering its current price, ETH has slipped 74% from its all-time high level.