The second-largest cryptocurrency with a market capitalization of $192.73 billion is now changing hands at around $1,575 apiece.
The current trading price is 67% down from its all-time high of $4,891 recorded in November 2021, according to data from CoinMarketCap.
Ethereum's bearish price movement may be attributed to growing concerns regarding the future of Ethereum and its miners following the merge. The event is expected to occur in September.
“There are a lot of potential risks with ETH merge,” tweeted Evgeny Gaevoy, CEO of Wintermute. “The fact that people have been working on it for years doesn't mean it will work out perfectly.”
Currently, Ethereum leverages the same consensus model as Bitcoin, which requires so-called miners to run non-stop in order to verify transactions and maintain the network’s security. The merge event will shift from this consensus model to an arguably greener version called proof-of-stake.
The change also means that miners will no longer maintain the...
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