Ethereum, the second-largest digital coin by value, remained within the bearish territory as it hovered beneath $1.1K during this publication. The token endured another 2% decline, approaching the crucial $1,000 level.
ETH has had its price actions inside a range for some time. However, are market players enjoying profits in the prevailing market structure while waiting for the much-anticipated Merge upgrade?
Ethereum Analysis
Ethereum has seen an ‘improved’ sentiment within the previous three weeks following the inflows in ETH-based products. Nevertheless, holders have taken this chance to assets the marketplace better. Glassnode data shows addresses holding more than 10 ETH touched 16-month highs of 149,448.
That shows enthusiasts continued to purchase the dip regardless of the hiccup. Besides that, some Holders even resorted to staking their holdings. For instance, Glassnode data shows Ethereum addressed with more than 32 Ether has soared to 16-month peaks at 116,774.
Remember, an address should have more than 32 ETH to attain the validator status in the blockchain’s proof-of-stake version, the ETH 2.0. That is the scenario here, with HOLDLers preferring staking their Ether tokens.
The address balance increase contributes (directly) to the ETH 2.0 amount. Also, the Ethereum 2.0 deposit contract displayed a similar outlook. The Ether 2.0 deposit contract still records new ATHs in TVL (total value locked).
The staking Ethereum 2.0 deposit addresses hit 13,024,853 highs as of July 13. Moreover, Glassnode data shows Ether 2.0 Deposit Contract’s new value-added touched a 1-month high at 20,544 ETH ($21,722,571.
The Counterattack
It is undoubtedly Ethereum that has seen some dark days and continues with that trend. Moreover, indicators like the enormous slump in Ethereum’s DeFi dominance and decreased NFT sales print red flags in ETH’s price action. While Ethereum enjoyed cheers for its reduced gas fee, investors criticized the project due to ‘negative’ price actions.
The overall crypto space flashes bearish tendencies as large-cap assets hover at ‘disappointing’ lows. Bitcoin struggles below the $20,000 mark, trading at $19,870 during this publication. Meanwhile, Bitcoin’s weakness translates to downturns in altcoins, including Ethereum.
What are your views about ETH as we wait for the Merge? Will the upgrade trigger recoveries for the token? You can comment below.
