Over the past few months, the Ethereum (ETH) network has been at the center of conversations in the crypto community ahead of the Merge promotion. The announcement of the historic upgrade briefly sent the value of Ethereum up, but it has since seen bearish moves due to broader volatility in the cryptocurrency market.
Along these lines, the number of losing Ethereum addresses reached a new monthly high based on a seven-day moving average of 38,001,366 on August 30, data From the blockchain analytics platform Glassnode points.
Ethereum affected by market volatility
Notably, a merger upgrade that will move the network to Proof of Stake (PoS) is a bullish catalyst for Ethereum. Successful migration of integration to PoS will result in faster transactions and lower power consumption.
However, the second-largest cryptocurrency by market capitalization has not been immune to a broader market meltdown, caused in part by the Federal Reserve’s aggressive approach to taming inflation by raising interest rates. After the recent interest rate hikes, Ethereum also struggled to sustain gains above $1,500.
The dwindling bullish sentiment around the network upgrade and losing titles suggest they do not guarantee that the transition will lead to profitability. This aspect is supported by Anthony Trenchev, co-founder of crypto lending platform Nexo.
As reported by Coinphony, Trenchev believes that Ethereum will only pool if the early stages of the merger are successful and drive trust in the community.
Cryptocurrency trading expert sets next target for Ethereum
Despite the current volatility, crypto trading expert Michael van de Poppe suggested that sentiment around Ethereum is shifting, especially with signs that the consolidation may be successful.
in tweet On August 30, Poppe said that the upcoming September 6 fork will skew the price of Ethereum to target the $2,200 level.
“The Ethereum fork is happening on September 6th, which increases the odds of a successful merger -> changes in sentiment. Scenario still goes as planned, I don’t want it to dip below $1350. If strength continues -> $2200 after that. Bob said.
At press time, the asset made small gains to trade at $1,590, which is about 10% growth over the past 24 hours.
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The number of Ethereum titles published in the loss has reached a new monthly high as Approaches to Merger debuts on Coinphony.