Ethereum‘s upcoming Merge might just turn out to be the most anticipated event in crypto ever. Enthusiasts from the Ethereum community as well as other networks have showcased interests in the same. But the question is- can the reality meet 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 crypto platforms died down considerably after prices continued rising the past week.
ideally, ‘Bulls’ would really like FUD To stay high, as prices historically rise when there is doubt,’ Sentiment couple,
Now, moving on to Ethereum, both spot as well derivative market flows appeared more bullish 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, calls for the end of September have the highest volume (129m and $112m) at the $4,000 to $5,000 level respectively. That is a bet that ETH would double in the next six weeks, just for these positions to approach breakeven.
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 too participated in the good cause. Consider this- the richest wallet on the Ethereum network increased in value by almost a billion dollars over the past 30 days on the back of strong ETH rallies.
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%.
Analytic website Messari stated, ‘while the spot accumulation may be a sign of conviction in ETH it also could be a play for an ETHW airdrop.’
countdown to lift
Well, prior to the merge Ethereum has seen significant traction. From whales to countries. Argentina created the latest buzz.
However, for now, the reality isn’t completely bullish. ETH, at press time, did lose the $2k mark as the price continued to slide down.
At the time of writing, ETH is trading near the $1.8k mark after a fresh correction of 3%.
