After the activation of The Merge, bitcoin’s price was below the key $20,000 level. Ethereum is trading around $1480 at the time of writing.
The chart below shows that the drop in the price of ether was accompanied by a surge in trading volumes.
On the eve of The Merge there was a strong inflow of ether on centralized exchanges. This could be the reason for the current increase in selling pressure.
Over the past 24 hours, digital gold has fallen 2.9% and Ethereum has fallen 7.2%, according to CoinGecko. The total market capitalization is held at $1 trillion.
Earlier, ex-CEO of BitMEX Arthur Hayes predicted Ethereum to rise to $3,000 after The Merge.