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Here What Ethereum Traders Must do if the Merge Event is Unsuccessful!

Major cryptocurrencies continue steadily to drop for the next day straight on with the Fed policy meeting didn’t bring clarity on the united states central banks rate hike stance.

Bitcoin price was trading nearly at $23,428 while Ethereum price is trading slightly above $1800. Likewise, major altcoins are trading near support zones.

Ethereum happens to be stuck near $1,850 with bearish sentiments. On the upside, the ETH price is facing resistance close to the $1,880 level. On an effective breakout, the ETH price will further head towards the $1,920 level, if the bulls remain intact the next largest crypto can surge above $2,000.

On the other hand, if the bulls neglect to hold above the $1820 support level, ETH Price can drop below $1800 and perhaps drop to the $1750 level.

How Will Ethereum REACT TO the Merge Event?

In accordance with Bitmex CEO Arthur Hayes, Ethereum Price might enter a correction phase in the coming weeks. According to his recent post, the ETH price might visit a major decline if The Merge is unsuccessful.

Arthur explains two potential cases for Ethereum price.

Firstly, if the merger is prosperous there exists a positive reflexive relationship between your price and the quantity of currency deflation. Therefore, traders will buy ETH today, realizing that the higher the purchase price goes, the more the network will undoubtedly be used and the more deflationary it’ll become, driving the purchase price higher, evoking the network to be utilized more, and so forth etc. It is a virtuous circle for bulls. The ceiling is when most of humanity comes with an Ethereum wallet address.

Conversely, if the merger is unsuccessful, you will have a negatively reflexive relationship between your price and the quantity of currency deflation. Or, to place it another way, you will see a positively reflexive relationship between your price and the quantity of currency inflation. Therefore, in this scenario, I really believe traders will either go short or choose never to own ETH.

Overall, Arthur believes that ETH wont get smaller compared to the $800 to $1,000 prices it experienced through the TerraUSD / Three Arrows crypto credit meltdown.

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Delma Wilson

Delma is really a B2B Content Marketer, Consultant, Blogger in neuro-scientific Blockchain, and Cryptocurrency. In her free time, she wants to blog, play badminton watching out ted talks.She likes pets and shares her leisure time with NGO.

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