$ETH lost 10% of its value as the asset failed to maintain above $1,600
Within a one day, Ether lost almost 10% of its value, which marks the third unsuccessful attempt by the cryptocurrency to break the $1,600 threshold. While Ether managed to gain a foothold above the 50-day moving average, the fate of the recovery rally is questionable, as ETH cannot reach new highs.
Some traders believe what we see on the cryptocurrency market today is a bear trap that will become a catalyst for another reversal, which is going to push the price of the first cryptocurrency to new lows.With the upcoming Merge update, Ethereum will finally become deflationary as the net issuance of assets will reach -4.5%.
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