After a strong rally in the last 45 days since the beginning of July 2022, the crypto market has once again come under selling pressure. The broader crypto market has been retreating for the fourth consecutive day in a row, including the top two giants Bitcoin and Ethereum.
As of press time, Ether (ETH) is currently trading at 3.5% lower at a price of $1,850 and a market cap of $225 billion. Since the beginning of July, ETH gained almost 100% in its price before retracing since the start of this week.
The recent optimism in Ethereum comes on the backdrop of the long-awaited Merge upgrade. As per David Kroger, digital data scientist at Cowen Digital, institutional investors are already gearing up for the Merge. Speaking to Bloomberg, Kroger said:
“Institutions have been asking us about the Merge, along with the technicalities and probabilities associated with it for several months now”.
However, he adds that some players have been taking profits at the current levels. This could be the reason behind the recent price drop.
