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Ethereum Was Down More Than 10% Today. Is It Time to Buy? – The Motley Fool

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by Tor Constantino | Published on July 26, 2022
Image source: Getty Images
After surging almost 40% over the past 30 days, crypto's leading smart contract platform could be suffering from a case of "buy the rumor, sell the news" regarding the Ethereum Merge.
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During the past 30 days the price of Ethereum’s in-house crypto coin Ether (ETH) soared nearly 40% on the news that the project’s long-awaited shift from its PoW method to validate transactions over to a more energy-efficient PoS model could occur by Sept. 19. 
However, crypto’s top blockchain for smart contracts could be experiencing a bit of “buy the rumor, sell the news” activity as ETH was down more than 10% to a low of $1,370.84 per coin on cryptocurrency exchanges. This represents a drop from its 24-hour high of $1,531.00 according to crypto tracking website, CoinMarketCap. That’s roughly twice the decline of the broader cryptocurrency sector at press time. In contrast, the 24-hour price drop for Bitcoin (BTC) was 4.95% and 6.6% for Dogecoin (DOGE).
It’s widely believed within the crypto sector that the Ethereum Merge will significantly increase the number of transactions per second that the Ethereum blockchain can manage, while also shortening settlement times, and reducing congestion and transaction fees for users.  
However, the migration from Ethereum’s PoW consensus model has been underway for several years and has been plagued by repeated stops and starts in an effort to keep the network going while the upgrades are being made. Some developers have likened it to rebuilding a car’s engine while driving the speed limit down a freeway.
Even if the Ethereum upgrade experiences another delay — which has not officially occurred that we know of — the Ethereum blockchain has a lot of potential upsides. It currently supports the largest number of developer apps in the crypto sector. Ethereum is also the preferred platform for many use cases that are still popular, such as decentralized finance options and NFTs transactions — despite the current crypto downturn.
It’s important to note that this is not financial advice, and investors should always do their own research before pouring money into any investment. However, Ethereum is a top-flight crypto asset — with or without the Ethereum Merge — and it’s priced at a deep 72% discount from its all-time high last November. Right now, the time and the price may be right for anyone looking to consider dollar cost averaging into Ethereum.

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Tor Constantino is a corporate communications executive and business writer with an MBA. Since 2017, he has written about cryptocurrencies, blockchain, and crypto’s potential to revolutionize finance. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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