Ethereum risks another 10% drop against Bitcoin as $15.4 million leaves ETH investment funds

Macroeconomic factors and centralization issues put pressure on Ethereum's price post-merger.

Market analysis

The Ethereum merger on September 15 turned out to be a news selling event, which is likely to continue.

Notably, Ether (ETH) fell significantly against the US dollar and Bitcoin (BTC) after the merger. As of September 22, ETH/USD and ETH/BTC trading pairs were down more than 20% and 17%, respectively, since Ethereum's switch to proof-of-stake (PoS).

Daily price ETH/USD and ETH/BTC chart. Source: TradingView

What's Eating Ether Bulls?

Several catalysts contributed to Ether's decline during the said period. First, ETH's price plunge against the dollar appeared in line with similar declines elsewhere in the crypto market, led by the Federal Reserve's 75 basis point (bps) rate hike. /p>

Second, Ethereum faced a lot of criticism for becoming too centralized after the merger.

Only five entities have produced 60% of the blocks so far. ...