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Ethereum Merge Concludes and Markets Adjust in Volatile Week for Crypto and Stocks

Ethereum successfully Merged its mainnet to a Proof-of-Stake consensus mechanism, gaining mainstream attention for “going green”. Directly after the Merge, ETH Miners switched to mine Ethereum Classic (ETC) and the very first NFT was minted on Ethereum’s PoS chain.

At a glance...




  • Ethereum completes historic Merge
  • ETH miners pivot to Ethereum Classic
  • The first NFT mints on Ethereum PoS
  • Coinbase introduces its 103M users to policy makers
  • Finance giants join to launch crypto exchange


Top Market Trends:

  • Ethereum completed its Mainnet Merge to the Beacon Proof-of-Stake Chain, eliminating its reliance on energy-intensive PoW mining and leaving Bitcoin Maximalists fretting over negative PR aimed at Bitcoin’s PoW Network.
  • The first NFT was minted on the newly merged, Proof-of-Stake Ethereum Blockchain with the buyer forking over 36 ETH in gas fees for the honor.
  • US CPI report citing worsening inflation caused over $110M in liquidations on crypto derivative exchanges and removed $1.6T from the stock market in 1 day.
  • Fidelity, Charles Schwab and Citadel are joining forces to launch a crypto exchange called EDX Markets.

Movers and Shakers

Top 7-day Gainers:
LUNA +43.7%
RVN +40.9%
CEL +33.6%
EVMOS +21.6%
ATOM +13.5%

Top 7-day Losers:
LUNC -46.7%
BIT -17.7%
HNT -15.0%
RPL -13.7%
EOS -11.1%

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Technical Summary

Bitcoin Pulse
Bitcoin (BTC) started the week with a nice succession of higher highs, had a major pull-back a day before the Ethereum Merge, and ended the week up 2%. Higher than expected consumer prices in the US caused market uncertainty in crypto as well as stock markets, and FUD surrounding Bitcoin’s energy-intensive PoW consensus mechanism intensified as Ethereum reached its epic PoS milestone.

  • Bitcoin’s miners are feeling the squeeze and the hashrate hit another ATH of 281.79 million TH/s, meaning miners need more computing power to mine Bitcoin. At the same time, energy prices are soaring and BTC price has been stagnant, with some analysts saying the bottom is still not in.
  • The next Bitcoin halving date is now projected to occur as early as Q4 2023 and will cut the per block mining reward for miners in half.
  • Bitcoin is currently trading above the $17,900 price point and is trying to reestablish support in the $20,000 zone.

Technical Analysis Special Edition - Post Merge Ethereum (ETH)

Post-merge Ethereum had a massive price decline but saw the price bounce off support levels.

2-hour Ethereum TA

ETH-TA-2-hourETH Descending Triangle Confirmed!

The bounce was essential in confirming the support levels of this newly formed descending triangle, which could set the tone for the next month to come.

1-Day Ethereum TA
Just as with Bitcoin and the entire crypto market, Ethereum is sitting under the 240 EMA.

Long-Term_ETH_TADeep into Bear Territory

It would take about a 40% push from the current price to get to the 240 EMA; odds are, we're going to have to wait for the EMA to meet us. We're far away from a bull market!

1-Week ETH/BTC
Right now, the future for Ethereum looks promising.

ETH-BTC_TAFirst Break Out, then Flippening

All the Ethereum maxis proclaiming that a great flipping is on the horizon should take a look at the macro ETH/BTC. ETH may be gaining on Bitcoin, but it currently is in a symmetrical triangle.

Altcoins on the Move
A volatile week for Ethereum and alts with ETH down 10% and the overall market in a down cycle leading into the Merge. Ethereum transactions on major exchanges like Binance were halted directly before the Merge was set to take place, and then set live again shortly after.

  • Maker (MKR) doubled its debt ceiling to $200M on its stETH vault to reduce reliance on centralized stablecoin USDC, which currently makes up 47% of Maker’s TVL.
  • ETH Miners refocused some of the $5B in Ethereum mining equipment toward Ethereum Classic (ETC) right after the Merge, but whether will be able to make profits mining ETC is up for debate.
  • TerraLuna Classic (LUNC) dropped over 50% on the news of Founder Do Kwon’s arrest warrant.

Newsworthy:

  • In NFTs: Solana NFT mints hit an ATH despite a “blocker bug” affecting the y00ts mint; the New York Museum of Modern Art may buy NFTs with auction proceeds; and Doodles’ NFT sales jump 1200% after a $704M valuation and fundraise of $54M.
  • Crypto Regs: Hong Kong’s SFC grants upgraded license to HashKey Capital to manage a 100% crypto-based portfolio, and the Thailand SEC in Thailand is banning crypto firms from DeFi services like staking and lending.
  • South Korea issues an arrest warrant for Terraform Labs Founder, Do Kwon, as it continues its probe into the collapse of Luna and TerraUSD earlier this year.
  • Coinbase launches an in-app tracker for its 103M users to discover which policy makers in their region are favorable to crypto, or not.

Spotlight on: Ethereum (ETH)

It was Merge week so we took a deep dive into the history and background of Ethereum, exploring its competitive advantage, tokenomics, and much more. Read the comprehensive ETH Coin Profile to learn all you need to know.

Ethereum_ETH_Coin_ProfileEther (ETH) Price Evolution

Read the full Ethereum Coin Profile

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We looked into: The Top 100 ETH Holders

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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.