Share this article
Ether May Continue to Lose Momentum Until Merge Is Completed, BofA Says
Investors want more clarity around The Merge and its implications, the bank told clients in a research note.
Updated Apr 10, 2024, 1:58 a.m. Published Aug 26, 2022, 7:21 p.m.
Ether’s price jump from mid-July until mid-August may continue to fade as investors seek to better understand the implications of the Merge, Ethereum's tech upgrade that will transform it to a proof-of-stake network, along with future blockchain upgrades, Bank of America said in a note Friday.
In addition, the investment bank expects rival blockchains such as Binance Smart Chain, Tron, Avalanche and Solana to gain market share until Ethereum overcomes its current headwinds.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“Investors likely realized that Ethereum's seemingly imminent transition to proof-of-stake (PoS) will not address scalability concerns or high transaction fees,” BofA analyst Alkesh Shah wrote in a note to clients.
Read more: The Ethereum Merge Has an Official Kick-Off Date
Traders have highlighted that while the Merge was likely driving short-term price appreciation in ether , Ethereum's native token, the long-term outlook for the asset remained muted considering a weak macroeconomic sentiment and bitcoin technicals pointing to a downside.
On Friday, crypto and equity markets slid after Federal Reserve Chair Jerome Powell’s hawkish remarks at the long-awaited keynote address at the Fed's Jackson Hole, Wyoming, conference. Bitcoin fell about 4% to below $21,000, while ETH dropped 8% to around $1,559.
Read more: Ether Leads Crypto Recovery on Merge Confirmation, but Traders Remain Cautious
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Pye Finance Raises $5M Seed Round Led by Variant and Coinbase Ventures
The platform aims to make locked Solana staking positions tradable via an onchain marketplace.
What to know:
- Pye Finance raised a $5 million seed round led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent and Gemini.
- The startup is building an onchain marketplace on Solana for time-locked staking positions that can be traded.
- Pye says the product targets Solana’s large pool of staked SOL, worth roughly $75 billion, and aims to give validators and stakers more flexibility over terms and reward flows.
Top Stories
