On September 15 2022, Ethereum completed "the Merge," transitioning its consensus mechanism from proof-of-work to proof-of-stake — one of the most anticipated upgrades in the network's history, years in the making. Rather than rallying on the news, price drifted lower in the days around the event, a classic case of a well-telegraphed catalyst being priced in well ahead of time.
This is a hard session to trade precisely because the fundamental story was unambiguously positive, yet price action didn't reward buyers who expected a pop. Sell-the-news dynamics, broader macro pressure on risk assets, and profit-taking after weeks of anticipation all fought against the "good news" narrative.
Same engine, same hidden right-hand side — a different day's problem.