ETH may consolidate as Merge excitement wears off, says expert

ETH may consolidate as Merge excitement wears off, says expert


After a surge in Ethereum (ETH) prices last week, the cryptocurrency may now be treading in a consolidation phase, says asset management firm IDEG’s chief investment officer. 

In a report shared with Cointelegraph on Monday, the author of the report, Markus Thielen said he while he has been bullish on ETH prices six weeks ago, he has now turned “cautious.”

The thesis has been based on macro factors and price analysis of the cryptocurrency, noting that the Fed still continues to “ramp up its Quantitative Tightening (QT) program which drains liquidity,” while noting that ETH’s prices had reached technical resistance at around $1,800.

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The asset management firm also noted that this has come as Ethereum has seen a 47% drop in network revenue, a decrease in total volume

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