After Ethereum (ETH) followed an upward trajectory in the last three days, it crossed the $1,500 mark on Monday. Many in the crypto community have attributed the ETH price rise to the upcoming Merge. The Ethereum mainnet is likely to roll out the merge around September 19, the developers said last week.
Merge Update Pushing Ethereum Price Up?
Meanwhile, there was renewed trading activity around ETH ever since the Merge timeline was revealed. Luke Martin, a podcaster, said in a tweet that the update on ETH merge pushed the price increase.
“The ETH merge trade begins: ever since the merge timeline update it has outperformed.”
However, the timeline for Merge could still be pushed beyond the announced schedule. This mainly depends on the smooth execution of the Goerli merge. Haseeb Qureshi, a crypto VC professional, said he expects the merge timeline to be postponed.
“The Merge timeline is finally materializing: Sept 19th! I expect it to get delayed at least a couple weeks, but a commitment to a date this close is super promising.”
ETH Supply In Profit
According to data from Glassnode, the current price rally took the total Ethereum supply in profit out from recent lows. The share of ETH in profit is measured as the fraction of existing Ethereum whose last moved price was lower than existing market price.
“The total $ETH supply in profit has now increased to 56%, after hitting lows of 41% prior to the current price rally.”
As of writing, Ethereum price stands at $1,480, up by a staggering 10.54% in the last 24 hours, according to price tracker CoinMarketCap. More interestingly, ETH price on a week on week basis moved up by as much as 28.55%. In the last 24 hours, Ethereum’s trading volume went up by 41.51%. As the schedule for ETH merge approaches, the prices could likely rise, in a good sign for the crypto space.
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