In the lead up to the Ethereum Merge, traders appear to be in the accumulation phase. While a section of Ethereum traders anticipate a price drop ahead of the Merge, the buying spree continues. The upcoming Merge will mark a shift of the network from proof of work to the proof of stake mechanism. Meanwhile, the Ethereum (ETH) price dropped massively in the last few days.
Ethereum Validator Pool In The Making
As the price dropped below $1,500, ETH traders seem to be preparing for post Merge activities. In the new consensus mechanism, traders will need a minimum of 32 ETH to activate their own validator. In this context, Glassnode data on number of Ethereum addresses holding over 32 ETH looks interesting. The number of such addresses is currently the highest in an year and a half.
“Ethereum number of addresses holding 32+ ETH just hit a 18 month high.”
The ETH price, on the other side, is showing high volatility these days. From a high of over $1,700 just few days ago, the cryptocurrency reached a low of below $1,440. As of writing, ETH price stands at $1,482, down nearly 3.50% in the last 24 hours, according to price tracker CoinMarketCap.
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