The announcement of the highly anticipated upgrade, The Merge, on the Ethereum network made positive impact on its native asset ETH.
Finally, the launching date of the long-awaited update on the Ethereum network – The Merge – has been announced. This announcement came as a savior for the trembling price of ETH native crypto assets of the Ethereum network. As a direct impact of news of Ethereum Merge – the price of Ether has seen a rise of about 30%, since the start of July.
The Merge update, scheduled to launch by 19th September 2022, has also resulted in boosting the confidence of investors in the smart contract network Ethereum and its native currency Ether. As reported, over 130 new whale wallets have appeared on the network following the significant increase of whale addresses. Rise of whale accounts on the network indicated that investors are now looking towards buying ETH.
Several reports were anticipating that Ethereum and a handful of other crypto assets could show some optimistic results. This could have made way for a delicate recovery of the overall crypto market. After the fall of Terra network resulted in creating chaos across the wider crypto market, it made many investors, including whales, to sell their crypto assets including Ethereum (ETH).
However, recently the number of addresses with ETH between 1,000 to 10,000 tokens, has seen a turnaround. While looking forward, there are no visible signs of any instance that could result in minimizing the ongoing rally, anytime soon.
Instead, there is also a significantly strong performance of Ethereum price encountered during trading on weekends. This generally shows quite less volume and liquidity in the crypto asset. From there, it could also be said that a volume with low inflow could result in significant movement in crypto asset’s price.
Highly anticipated upgrade in the Ethereum network, The Merge is expected to make the successful transition of blockchain from its current proof-of-work consensus mechanism to proof-of-stakes. Additionally, this would also bring some cutting-edge features in terms of high transaction speed, low gas fees and scalability.
Source: https://www.thecoinrepublic.com/2022/07/18/the-merge-news-resulted-in-ethereum-price-rise-eth-whales-activated/