Investors and Developers are looking forward to ETH merge that is going to happen in less than 24 hours, will it bring a positive impact leading to a short-term bullish rally?
Recently, The US CPI (Consumer Price Index) data for August 2022 has been published which shows an index of 8.3% inflation. After this announcement, the US Stock Market crashed badly leading a $1.6T liquidation within 24 hours. Major indexes such as S&P 500, Nasdaq, Dow Jones etc have declined between 3% - 5%. On the other hand, right after this news Bitcoin fell straight from $22,750 to $20,200 leading a constant pressure of panic selling.
However, in the case of Ethereum, there wasn't a major change in price. As we already know that Ethereum network is going through a transition to change its protocol from Proof of Work (PoW) to Proof of Stake (PoS). The event will be a historic moment in the history of crypto space as it will make ETH more secure, faster and will bring better scaling opportunities.
According to CoinMarketCap, There are less than 18 hours left for the merge to happen (At the time of writing this article). And we could see that ETH is pumping slowly, as investors are expecting that the merge could bring a short-term bullish impact on the crypto market and eventually could be beneficial in long term. At the time of writing this article, Ethereum is trading at $1,610 with a market cap of $196.43B.
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