At the time of this article's publication, the price of Ethereum (ETH) was $1,843.86. This is a decrease of 5.46% over the course of the previous twenty-four hours. It is important to note that ETH has gained about 100% since the beginning of July, which rekindled hopes of reclaiming the $2,000 level. This is especially important as the community looks towards the eagerly anticipated Ethereum Merge Upgrade.

David Kroger, a digital data scientist at Coen Digital, claims that institutions and investors are already getting ready for the Merge. Kroger sad:

Since quite some time ago, some institutions have inquired regarding the Merge, in addition to the specifics and possibilities involved with it.

However, Kroger added that some players are already taking profits at the current price of ETH, and that this could be one of the reasons why the price of Ethereum is currently dropping. [Citation needed]

Is everyone's interest in Merge starting to wane?

While most members of the Ethereum community have expressed their approval of the Ethereum Merge, some, particularly miners, have been actively working on a fork of the Ethereum blockchain in order to maintain their use of the proof-of-work (PoW) version of Ethereum.

However, Vitalik Buterin has voiced his opposition to the concept of forking Ethereum in order to continue utilizing the PoW consensus mechanism. He has stated that Ethereum will not support the Ethereum PoW until the transition to the PoS model has been accomplished.

However, Arthur Hayes, the CEO of BitMEX, has issued a warning that there may be a brief buying frenzy for ETH in the event that the Merge does not succeed. He said:

There will be a negatively reflexive relationship between the price and the degree of currency deflation if the merger is not effective. Therefore, I believe that in this scenario, traders will either choose to short the ETH market or decide not to own any ETH.

But Arthur also predicted that if the Merge upgrade was carried out successfully, it would cause an increase in the price of ETH. He said:

"If the merge is successful… traders will buy ETH today, knowing that the more the price rises, the more people will use the communications system, and the more weaker than expected it will become. This will drive the price greater, which will cause the infrastructure to be used more, which will drive the cost higher, and so on and so forth."

Has the hype around Merge died down now that the price of Ethereum has dropped for four days in a row? published in an earlier version on CoinJournal.com.