Ethereum (ETH) has dominated social media debate following its Merge release last week. Nevertheless, things didn’t go as planned, with Ether’s price slumping beneath $1,350. Moreover, Coinmarketcap data shows the second-largest digital token lost over 17% within the past seven days. Nevertheless, crypto fan @CryptoGucci trusts hope for ETH.
Upside Trends Soon?
The expert triggered a debate about ETH validators that have surged by more than 11.36K this month alone. Ethereum boasts more than 429.6K active validators. The late uptick in online validators reflects increasing investor confidence from Merge’s technical standpoint.
In that context, a renowned NFT (non-fungible token) marketplace OpenSea has stretched its backing to Arbitrum. OpenSea revealed this news in September 20 tweet, confirming that users buy & sell NFT on the ETH layer2 solution. Also, it stated that the NFTs would begin rolling on the Arbitrum from September 21.
Though these optimistic facets, the condition stayed bleak for ETH and the overall cryptocurrency market. Large-cap digital assets like ETH and BTC have been struggling within the marketplace within the past few days.
While publishing this content, BTC traded beneath $19K, whereas ETH changed hands beneath the $1,330 mark. The leading cryptos maintained dips within the previous day. Ethereum endured price declines despite its latest Merge upgrade.
Ethereum’s MVRV ratio has declined to -13.6% amid decreased volatility within the previous week. The massive slump after Merge exacerbated this process. Investor bias remains a critical cog for any near-term revival of the token, which traverses a dire case at this publication.
September 21 revealed another faltering facet. Glassnode, a blockchain analytics site, suggested that ETH’s Median transaction volume plunged to the 0.032 ETH all-time low. That reflects the deteriorating status of investor sentiment at the moment, with most investors looking to trim their Ethereum exposure.
Another alarming facet of ETH is the increasingly negative sentiment by the cryptocurrency community. Santiment’s data shows FUD settling within the crowd, regardless of the massively-awaited Merge event. Ethereum seems primed to end Q3 on similar tendencies as the past quarter.
Stay tuned for the latest developments within the cryptocurrency market.