Ethereum below $1,900 as Ethereum Foundation cools everyone down

Ethereum has dropped below $1,900 as the Ethereum Foundation clarified speculation about the merger. It was recently said that the merger would reduce gas fees, but these claims have been somewhat dismissed.

Ethereum

Thursday, Ethereum down, as the asset extended its fall for a fifth consecutive day.

Ethereum hit a low of $1,823.53 today, as the Ethereum Foundation commented on recent rumors surrounding the Merger, and its potential impact on gas fees.

The Ethereum Foundation stated that “gas fees are a product of network demand versus network capacity. Merge deprecates the use of proof-of-work, moving to proof-of-stake for consensus, but does not significantly change the parameters that directly influence network capacity or throughput.”

Traders who recently bought into the rumor of the merge, helping to send ETH to a three-month high earlier in the week, now appear to be slowly pulling back.

Ethereum’s relative strength was also down as the RSI fell below a support point of 60.32.

The index appears to be trying to break into that point today, and is currently trading at 59.70. ETH is trading slightly higher at a point of $1,854.84 at the time of writing.