<\/p>\n
Ethereum is outperforming the broader cryptocurrency market as the highly anticipated Merge approaches, but the bigger picture is still largely bearish.<\/p>\n
Ethereum (ETH)\u00a0has gained a whopping 48% over the past seven days, outperforming its big brother Bitcoin, which has only managed to achieve 19% in the same period. It’s also up 66% from its market cycle bottom of $918 on June 19, reaching its current price of $1549.<\/p>\n
However, the current Ethereum rally could be a bull trap with the macroeconomic clouds darkening. A bull trap is a signal indicating that a declining trend in a crypto asset has reversed and is heading upwards when it will actually continue downwards. <\/p>\n
The primary driver of recent momentum for the asset has been linked to announcements regarding its final switch to proof-of-stake, which has been slated for September 19. <\/p>\n
The Merge will reduce the network\u2019s energy consumption by more than 99%. However, it will not necessarily reduce transaction fees significantly as this will occur when scaling takes place via sharding which is expected sometime next year.<\/p>\n
On July 19, a Coinbase report on the Merge explained that the next major step, and last dress rehearsal, is the Goerli testnet Merge which has been planned for August 11. <\/p>\n
Goerli is the most battle-tested Ethereum environment with the most user activity and the closest simulation of the real thing.<\/p>\n
\nIs This Me who is Thinking that Ethereum will start the BULL RUN with his Merge ??#eth<\/a> #Ethereum<\/a> #ethereum2<\/a> #ethereum<\/a> #Bullish<\/a> #bullish<\/a> pic.twitter.com\/oSHDKTz6vw<\/a><\/p>\n