Can the Upcoming Ethereum Merge Rekindle the Crypto Market Bullrun?

Ethereum, the second-largest cryptocurrency by market cap, is set to release a major software update soon. The update was initially referred to as Eth2 or Ethereum 2.0, though the foundation has changed its name to Ethereum Merge. According to co-founder Vitalik Buterin, the decentralized digital currency will transition from its proof-of-work phase to its main network in August. Some experts believe that there is potential for Ethereum to undergo a massive surge in price. Despite the recent highs of around $4,800, the price of Ethereum has remained relatively stable at about $2,000. However, Ethereum bulls are hopeful that the incoming merge will take the price higher than the coin’s ATH value and user in a crypto bullrun. Still Below the $2K Position A few weeks ago, the value of Bitcoin fell so low that it failed to reach its $30,000 mark, causing the price of Ether to plummet. Due to this, the ETH price dropped below the $2k mark. The price of Ether fell below the 50 neutral regions at the time of writing. The Money Flow and Relative Strength Index were also below 50. Delving into the oversold territory, the latter indicator was 38.16 at press time. The market capitalization of the Ether token was at $150 billion at press time. The value represents a drop of more than 50% from the previous year’s record high of $438.13 billion. Meanwhile, its price has dropped by 12% over the past 24 hours to $1,073.57. What the Ethereum M...