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Naeem Aslam, chief market analyst at AvaTrade, believes that the crypto market is positive at the moment, as Bitcoin has topped $22,000 and Ethereum keeps moving toward the long-expected Merge.
This event, switching the second largest blockchain to Ethereum 2.0 and proof of stake, is going to be the main focal point, he tweeted.
Now, traders are keeping their eyes on the ETH price, watching it carefully.
Popular on-chain data vendor Santiment has tweeted that as Ethereum Merge will happen later this week, on Sept. 15 as expected, the number of mentions related to this long-awaited upgrade has surged drastically. Traders believe ETH volatility is inevitable too, though.
📈 #Bitcoin has climbed back above $22k today for the first time in over 3 weeks. $BTC's ratio of transactions in profit vs. loss is at its highest since March, and it appears that many have viewed this mild bounce as the trigger to trade again. https://t.co/FTuzePMrj1 pic.twitter.com/XjCDRpL0fd
— Santiment (@santimentfeed) September 12, 2022
In the meantime, the number of mid-sized and large-sized investors in Ethereum is rising. As reported by Glassnode data aggregator, the amount of addresses that hold more than 100 ETH and more than 10,000 ETH have reached an 18-month high and 4-month high, respectively.
📈 #Ethereum $ETH Number of Addresses Holding 10k+ Coins just reached a 4-month high of 1,196
— glassnode alerts (@glassnodealerts) September 12, 2022
Previous 4-month high of 1,195 was observed on 09 September 2022
View metric:https://t.co/paW9ojeWBw pic.twitter.com/EQNrTjAQWI