As expected, Ethereum has been doing poorly since the much-touted Merge event. This was a groundbreaking moment for the crypto industry.
Although the Merge was anticipated to boost investor confidence, it occurred at the worst possible time.
The Merge took place at an interesting point in crypto history. The update went up on September 15—just two days after the United States CPI data was made public.
There was a widespread selloff in the stock markets because of the Federal Reserve’s interest rate increase, reporting its annual inflation rate hike of 0.1%, and affecting the cryptocurrency market.
On the day of publication, Bitcoin dropped 12.71 percent, and Ethereum fell 12.67 percent. The timing of the Merge’s launch was a last-ditch effort to maintain or perhaps boost investors’ trust.