The Ethereum (ETH) Merge is a month away and the entire crypto community is waiting for the revolutionary event. In anticipation, most investors have started stacking ETH tokens in anticipation of the positive price action that will affect The Merge. However, one analyst has emphasized why buying ETH is a bad idea right now.
Ran NeuNer Believes ETH’s Advantage Is Nearly Priced In
Ran NeuNer, analyst and anchor of crypto YouTube channel Crypto Banter, took to YouTube and analyzed the current state of the crypto markets. NeuNer highlighted a few recent trends, including the Ethereum Merge, the hype surrounding it, and the growing interest in ETH.
NeuNer admitted that the Ethereum ecosystem is “great” and that the move to PoS is a welcome development. However, he noted that holding ETH within this time frame could flood investors.
NeuNer said it is true that the price of ETH will “run” as a result of The Merge.
But at some point you get to a point where the top and bottom are asymmetrical,
He pointed to the pattern of rallies ending when the community least expects it and Ethereum is already organizing a rally. According to NeuNer, the rally could take another week or two before finally losing steam.
Analyst Galois Capital shares the same sentiments as NeuNer
NeuNer believes that money will flow out of Ethereum once the rally loses momentum. He says this is likely to happen because at such a time, the asset’s advantage would have already been priced in. In addition, he further noted that investors could develop anxiety due to concerns that The Merge is not working as expected.
He said this is the period when everyone is talking about buying ETH because of Ethereum Merge. He says there will come a time when the community will start talking about selling, and this could increase the selling pressure. To back his point, NeuNer quoted fellow analyst Galois Capital as sharing the same sentiment.
On Twitter, Galois Capital noted that he would short ETH while craving BTC in the same proportion. Galois Capital is one of the market watchers who predicted Terra’s demise and ETH futures backwardation.
At the time of writing, ETH has lost 4% of its value in the past 24 hours to trade at $1,899. Despite this 4% drop, assets are up 6.36% in the past week. Still, the weekend rally seems to be losing momentum. Whether NeuNer is right or not remains to be seen. The community is still anticipating The Merge and market viewers are waiting to see how it will affect the price of ETH.
Abigal .V. is a cryptocurrency writer with over 4 years of writing experience. She focuses on news writing and is adept at finding current topics. She is a fan of cryptocurrencies and NFTs.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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