Many of the leading cryptocurrencies experienced double-digit weekly percentage gains despite the ongoing cryptocurrency bear market. In anticipation of the Ethereum merger, top coins increased. After peaking at $2,012 late on Friday night, the price of Ethereum has increased 16% in the past week to $1,986 at the time of writing.
The imminent merger, when Ethereum will switch to the more energy-efficient Proof-of-Stake (PoS) blockchain, is the main reason for the frenzy around ETH. On Wednesday night, the third and final testnet for Ethereum, Goerli, was successfully converted.
Before the project switches from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism, leading smart contract platform Ethereum (ETH) is being closely examined by crypto analytics company Santiment. It highlighted social media talk ahead of the mid-September switch to ETH 2.0 as a significant predictor of how the digital currency will probably move before the upgrade in a recent post.
Are whales depositing ETH?
Sentiment then looks at Ethereum as well as the entire altcoin market, noting that despite the recent massive market rally, traders are not acting in a way that puts them at risk of a sudden crash.
Most attention has been focused on Ethereum’s +80% price spike over the past 30 days, but altcoins in general have been doing well since late June. Santiment provides two conclusions regarding Ethereum after looking more closely at the charts, indicating that ETH is still moving in a bullish direction.
“Ethereum surged above $1,880 after a positive CPI report on Wednesday. This two-month high in price coincided with a large influx of ETH transactions valued at $100,000 or more. This was due to the accumulation of whale addresses. Happening together.”
Santiment then revealed the Ethereum network earlier in the week when it reached an annual milestone by having more than 546,000 daily active addresses on average over the previous month, just as its price crossed $1,800 for the first time in 60 days.
Ethereum surged above $1,800 today for the first time in the past two months. The continuation of the rally, driven by an increase in the number of unique addresses attached on the ETH network, will depend on the stability of BTC and the lack of merchant FOMO.
The much awaited ETH upgrade will take place on September 15th or 16th, according to developers.
