Opinion: Is ETH Pumping and Dumping?
0x162F
July 21st, 2022

I'm sure everyone has noticed that ETH has been going up and up for almost a week now.  My anxiety has been high because the goal is to buy as low as possible.  So did I miss the train?  NO (just my opinion)!  Here are the reasons why I believe that this is just a pump and dump:

  1. Macroeconomic reasons - There is nothing positive happening in the world right now that should indicate a market upturn.  War and recession are still keeping TradFi markets down, so why should the crypto market be up?  Remember, DeFi exploits and CeFi insolvency are some major factors for the market lag as well.
  2. ETH up, most everything else down - Usually in an uptick, MOST if not all tokens/coins start rising in value.  Seeing BTC pump only slightly should be a good indication that the market is not ready for a positive movement.
  3. No good news yet - Everything in the news has been nothing but bad news for the market, in general.
  4. But what about the Merge? - Yes, the Merge should start seeing a positive momentum for ETH but it's not going to happen till September.  And the amount of times it's been delayed, why would anyone start investing now instead of closer to the Merge, when more details will be unveiled?

In the end, all you can do is trust your gut.  If this is truly because the Merge is looming, then good for those that bought early.  However, my gut is telling me to wait it out for a bit.  Industry analysts are predicting a sub-$900 value for ETH and I think they are correct.  As always, be careful with investing!

Written by: nikethereum.eth / Medium / Mirror

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