Surge or purge? Why the Merge may not save Ether price from ‘Septembear’ By Cointelegraph

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Surge or purge? Why the Merge may not save Ether price from ‘Septembear’

Ethereum’s native token, Ether (ETH), is not immune to downside risk in September after rallying approximately 90% from its bottom of around $880 in June.

Much of the token’s upside move is attributed to the Merge, a technical upgrade that would make Ethereum a proof-of-stake (PoS) protocol, slated for Sep. 15.

weekly price chart. Source: TradingView
Ethereum OIVS for the contract expiring on Sept. 30, 2022. Source: Glassnode
Ethereum OIVS for the contract expiring on Oct. 28, 2022. Source: Glassnode
ETH/USD and Nasdaq daily correlation coefficient. Source: TradingView
ETH/USD weekly price chart featuring ‘bear flag’ setup. Source: TradingView