After the Merge, Ethereum (ETH), continues to be the center stage. This software upgrade saw Ethereum go from a proof of work (PoW), to a consensus (PoS), mechanism.
After reaching a monthly high, active ETH addresses have seen a dramatic rise in activity. Market insight provider Glassnode explained:
“The number of active ETH addresses (7d MA) just reached a 1-month high of 31,498.220. Previous 1-month high of 31,459.899 was observed on 17 August 2022.”
Source: GlassnodeBased on speculation that the Merge would trigger, active addresses rose by 53% in weekly social engagement.
Santinent admitted that two addresses dominated the conversation. The crypto analytic company stated:
“According to our Ethereum Post Merge Inflation dashboard, 46.15% of the proof-of-stake nodes for storing data, processing transactions, and adding new #blockchain blocks can be attributed to just two addresses. This heavy dominance by these addresses is something to watch.”
However, hodlers were heavily invested in the Ethereum 2.0 deposit contracts prior to this event. Crypto analyst Ali Martinez pointed out:
“ETH hodlers have staked more than 13.7 million ETH in the Eth2 Contract ahead of the Ethereum Merge, that’s more than $22 billion.”
Source: GlassnodeThe Merge did not create the bullish momentum that was expected in the Ethereum network after it went live. The second-largest cryptocurrency, Bitcoin, fell 9.69% over the past 24 hours to $1,458 in intraday trading according to CoinMarketCap.
Ethereum should maintain its current level in order not to slip below $1,000. Matthew Hyland is a market analyst stated:
“Ethereum is currently sitting on the neckline of the Head and Shoulders pattern Breakdown Target: $1000.”
Source: TradingView/MatthewHylandTime will show how Ethereum performs in the post-Merge era.
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