The failure of “the merge” continues to impact the price of ethereum and loses 64.2%!

After an auspicious start to the week for ETH, the Ethereum crypto-currency, which had appreciated by 7% since Monday, September 26, fell sharply on Tuesday, from $1,400 to $1,305 at the time of writing.

The ETH price rally began on Monday and continued on Tuesday morning, where it briefly managed to break above $1,400, but that level proved to be strong resistance for ETH, which quickly retreated to $1,300.

As a result, ETH is showing a year-to-date price loss of nearly two-thirds, with a marked downward trend. ETH’s decline in 2022 was 64.2% and “the merge” is ultimately a failure if you look at ETH’s price.

ETH had been hit, like the rest of the markets, in the last two weeks by the August inflation index. Also by the corrective action applied by the U.S. Federal Reserve, which seeks to control inflation through interest rate hikes.

The negative impact of the interest rate hike added to a bearish momentum triggered by the Ethereum meltdown mid-month. ETH shows an appreciation loss of nearly two-thirds over the same period. ETH’s decline in 2022 is 64.2%.

ETH’s drop on Tuesday was 6.4% and comes amid a 4.6% decline in the crypto-currency market cap from $975 billion to $930 billion.

The downturn thus coincides with an overall decline led by bitcoin (BTC) after breaking the $20,000 barrier. After correcting, BTC is now trading just above $19,000 again.