Ethereum (ETH), which saw its lowest level since June, has seen renewed momentum in the wake of potential merger events.
Market insight provider Santiment explained:
“Ethereum’s As the crowd is skeptical of this rebound, a $1,500 return appears to be possible for the first-ever time since June 12th. Despite this, the average ETH return of 30-day traders has ballooned to +28%, the highest since August 2021.”
Also, the Ethereum traders’ 30-day return reached an 11-month peak. This suggests that their profits have increased to levels not seen since August 2021.
Moreover, ETH supply as profit also soared 56%. Glassnode is an on-chain insight provider stated:
“Over the last month, almost 7.8% of circulating supply of ETH has transacted on-chain and changed hands. The total ETH supply in profit has now increased to 56%, after hitting lows of 41% prior to the current price rally.”
According to Bloomberg, the second largest cryptocurrency, Bitcoin, was up 3.8% to $1,511 in intraday trading. CoinMarketCap.
During a recent developers’ call, September 19 emerged as the most probable date for the merge.
These events have been making the rounds, and triggering a bullish trend in the Ethereum Market. The merger is expected to be one of the most significant software upgrades in the ecosystem.
The merger is expected to transform Ethereum’s current proof-of work (PoS), consensus mechanism to a proof of-stake (PoS), which was elusive for several years.
PoS will make it easier to confirm blocks. Validators will stake Ether and not solve cryptographic puzzles.