As the Federal Open Market Committee (FOMC) meeting concluded a brutal Consumer Price Index (CPI) report, crypto markets reacted in a similar way. Top Ranked Altcoin, Ethereum [ETH] The past days witnessed a steep decline as the major markets took a major U-turn.
According to CoinMarketCap, Ethereum was trading just above $1,600 after a 6.4% drop on September 13. This drop effectively halved Ethereum’s weekly gains from anticipation of the merge.
changing tide
But before the release of the report, Ethereum had touched a rare milestone on the network. informed of by sentiment.
According to Sentiment, the ratio of ‘ETH moving’ and its market cap metric is in its best shape in 16 months. This was a major bullish indicator on the network which is set to launch the merge within the next 24 hours.
However, the inflation news has put a big dent in Ethereum’s recent growth. Such FUD could have dangerous consequences for the ETH optimist in the short term.
According to the latest data, the Exchange Net Flow (1d MA) for Ethereum has just reached a one-month high of 13,099.39 ETH.
This presents a growing conundrum in the Ethereum community as many investors are beginning to hedge their exposure to the upcoming merge.
merge is coming
Despite accumulating large losses by 14 September, the merge is ready to be released on the Ethereum mainnet. According to blockchain information portal, OKLink, the countdown to the merge is expected to take less than 20 hours (at press time).
Also, the current block height is 15531808. The latest block comes from Hyvon and the current difficulty is 12.03PH. With less than 5,445 blocks left, progress has reached 99.89%.
Meanwhile, Arthur Hayes, the founder of crypto trading platform BitMEX, believes that the merge can “remove” a negative macro environment. In a podcast with Bankless, Hayes offered his thoughts on the merge.
He added, “I have bought calls for $3000 by the end of the year.” This emphasizes the belief that the likes of Hayes turn the ETH transition into a Proof-of-Stake (PoS).