The upcoming merge of Ethereum may be the most anticipated event in crypto so far. Enthusiasts from the Ethereum community as well as other networks have shown interest in it. But the question is, can reality live up to the expectations?
bet on you
The enthusiasm of cryptocurrency traders appears to be turning north after a series of corrections. ie, tRaiders Enthusiasm Sell BTC and ETH in particular posted positive gains over the weekend.
Notably, sell calls on the crypto platform decreased significantly after prices continued to rise last week.
ideally, ‘Bulls’ would really like FUD To stay high, as prices historically rise when there is doubt,’ Sentiment couple,
Now, moving to Ethereum, both the spot and derivatives market flows have appeared faster than ever.
There are a lot more traders interested in trading Ether ahead of the upcoming Ethereum merger in September. The merge will see the network become a fully ‘proof of stake’ blockchain.
Interestingly, the call volume for the end of September is highest (129m and $112m) at $4,000 to $5,000 levels respectively. It is a condition that ETH Will double over the next six weeks, just for these positions to reach break-even.
The data set in the spot market also painted the same picture. It exhibited rapid accumulation in which, aDresses holding more than 10 and holding more than 100 ETH Stayed.
Whales also participated in the good cause. Consider this – the richest wallet on the Ethereum network has increased in value by almost a billion dollars over the past 30 days on the back of a strong ETH rally.
According to blockchain tracking service WhaleStats, the whale, known as Naruto, rose from a balance of over $1.98 billion on July 15 to more than $2.96 billion at the time of writing, an increase of nearly 50%.
analytical website mesari Having said‘While spots can be a sign of conviction in accumulation’ ETH It can also be a play for one ETHW Airdrop.’
countdown to lift
Well, prior to the merge Ethereum has seen significant traction. From whales to countries. Argentina created the latest buzz.
— crypto rand (@crypto_rand) 15 August 2022
However, for now, the reality is not entirely sharp. At press time, ETH lost the $2k mark as the price continued to decline.
At the time of writing, ETH is trading near the $1.8k mark after a fresh correction of 3%.