The Ethereum Merge update is seen as one of the important steps on the Blockchain side. Weeks before the Ethereum Merge update, which is expected to take place in September, corrections began to be made in the Ethereum supply. EIP-1559 burning protocol was used for fixes and millions of ETH burning started. Since the start of the incineration process, the price equivalent of the amount burned has reached the level of 3.8 billion dollars.

With the EIP-1559 protocol, which was launched to fix the pre-merge Etheruem Blockchain network, millions of ETH were deleted from the market and caused an increase in the price of the asset. Since the start of the incineration process, 2.6 million ETH has been burned.

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ETH Merge May Experience Post-Sell Pressure

Bank of America strategist said that after investors price the Merge update, a wait-and-see approach would be more accurate for the upcoming period. According to the analyst, Ethereum price may face further selling pressure after the update.

The analyst also expressed that they expect Blockchain networks such as BSC, Tron, Avalanche and Solana will continue to increase their market share until Ethereum establishes its dominance.

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Latest Situation in Cryptocurrency Markets

Total market cap in crypto markets settled below the psychological level of $1 trillion and moved around $950 billion in intraday trading. The average trading volume for the last 24 hours is currently at $66 billion. When we control the cryptocurrency fear and risk appetite index, we see that it has returned to extreme fear conditions, decreasing by 4 points to 24 today. In general, cryptocurrencies started the day with a slight rise from last week's bottom level, but the purchases have not yet taken place at a level to indicate a recovery.

While Ethereum is trading in the $1,450 band today, it recovered 3 percent during the day. Towards the evening hours, there is an upward movement, while ETH is headed towards $ 1,500.