Ethereum [ETH]’s much-awaited “Merge” is here. And it is here to create the much-anticipated shift in paradigm i.e. the shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Much has been said about ETH’s merger, however, how has the token faired amid the ongoing changes to the network? Let’s find out…
A dark day for ETH?
On June 9, the Ethereum developers successfully merged the Ropsten testnet with the beacon chain, and execution layer changes are expected to follow later. However, the ETH token did not seem affected enough by the movements on the network.
At the time of writing, the ETH token stood at a value of $1,666 and has been trading 6.9% lower in the last 24 hours. The Relative Strength Index (RSI) also stood at 34.09, indicating that losses are greater than the gains of the token. The Awesome Oscillator (AO) too flashed a red bar after a series of green bars, but all below the zero line.
Wait… there is more!!
According to data from Glassnode, Exchange Netflow of ETH stood at a positive value of $24.8 million, indicating that more and more people are sending their tokens to exchanges rather than sending them.
To add to the aforementioned information, the ETH miner revenue also hit a 16-month all-time-low of $929,437. The last ETH mining revenue all-time-low of $937,486.36 was recorded on 27 June 2021.
The ETH MVRV ratio also fell below one and settled at 0.99, indicating that the token is being held with a significant loss and the bears capturing ETH are stronger than ever. According to additional data, the NVT ratio of the token on June 10 still stood at 43.28, thus strengthening ETH bears at the time of writing.
The performance of the token on a social front wasn’t its best either. The social dominance of the ETH token stood at a high of 12.14% keeping in mind the disappointing performance of the token. Furthermore, the social volume of the token also stood at 1,496 ETH at the time of writing.
Talk the Town Twitter…
Despite the not-so-impressive performance of the altcoin king, investors in the token are trying to look past the ongoing bloodbath and focus on unlocking ETH 2.0. One such crypto holder was Lark Davis who posted in favor of ETH on June 11.
Another crypto investor, The Martini Guy, took low ETH as an opportunity to stack up more of the token.
Thus, investor sentiment remained broadly positive and bullish despite the token’s disappointing performance. But will the token run to the bulls? It’s only a matter of time before we find out…
