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cryptocurrency August 2, 2022

Ethereum appears to be on the right trajectory after a month of redemption. ETH started the month priced a little above $1,050, but is about to end it at around $1,700. On the back of a wider market upturn and the Merge’s announcement, Ethereum has surged on the charts.

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In fact, the Merge announcement, due on 19 September, is on track to leave ‘bear’ scars behind.

And off we go

A recent CryptoQuant update by CoinSignal365was quick to notice the trend reversal on Ethereum. It found that ETH deposits on exchanges are seeing a decline in July after they peaked towards the end of June. This seems to be representing a major trend reversal, one which indicates that selling pressure has been decreasing.

Ethereum’s outstanding Open Interest number also took a major blow in late June, in tandem with its price. It has rebounded since, again in tandem with the price movement, and recently breached a new resistance line too.

This indicates that market participation has grown in July. This puts Ethereum in a strong position as it approaches a testing period.

Source: CryptoQuant

Network activity has remained high on Ethereum as it hit a new milestone on 26 July. According to Santiment, an incredible surge broke its ATH activity by a wide margin. 1.06 million ETH addresses made transactions that day, thereby recording a 48% increase from its previous record.

However, new data suggests some underlying worries for the Ethereum community. The average Realized Price of ETH 2.0 deposits is $2,389. This is a whopping 44% higher than the broader market’s realized price at $1,649. With over 13M ETH staked, this puts the total unrealized loss held by ETH in the 2.0 deposit contract at $14.96 billion.

Source: Glassnode/ CoinMarketCap

What now for ETH?

Ethereum has recovered wonderfully well from its second-worst performing month ever in June. Last month, ETH fell by 45.4% to end the month at around $1,000. It has recovered and in some style too! The top altcoin was trading just below $1,700 at press time, despite a slight dip of late.

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Ergo, the crypto may be set to further attract investors, especially with Merge anticipation growing steadily across the market.

Source

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