Ethereum [ETH] It appears to be moving up a notch after falling below the $1400 level at the end of August. This is reflected in the performance of ETH in recent days as anticipation of the merger continues to attract investors.
According to CoinMarketCap, on September 11, after another impressive performance on the price chart, ETH was trading at $1,770.
ETH Storm in September
The altcoin showed a daily gain of over 2.75% on September 11th. Thus, adding up to 10.5% weekly profit. This run has added to the optimism among traders, who are watching for Ethereum to break the $1,800 resistance line soon.
The anticipation surrounding the merge is also shown. ETH 2.0 Deposit, According to Glassnode, the total value in the ETH 2.0 deposit contract reached an all-time high (ATH) of 13,634,077 ETH on September 11.
This underscores the growing trust in the crypto community for Ethereum’s transition to proof-of-stake consensus.
What else does the data say?
The recent price increase was further mirrored in Ethereum’s MVRV ratio. After being in the red zone for a long time in September, trader profitability is back on the charts.
This is an encouraging sign for ETH traders as they want to get the best returns for their holdings. At press time, Ethereum had an MVRV ratio of 7.5%. Thus, indicating that a period of relief was underway.
Furthermore, according to analytical firm Sentiment, Supply Held by Top Address (ETH) has issued more than one million ETH from their holdings.
The total value of this drop would be close to $1.77 billion in 15 days. Furthermore, this drop is of great significance as whale addresses are often defined as “market makers”.
Source: Sentiment
Another warning was issued recently when Ethereum miners called merge transitions.
According to related Ethereum miner Chandler Guo, “miners will be broke” if the merge goes successfully. Hence merge issues keep coming up even two days before the launch. We’ll have to wait and see what happens as D-Day approaches.