Ethereum Hits a Monthly High above $1,500, Merging Events Continues Engulfing the Market
Ethereum returned to levels last seen in June based on renewed momentum following the popping up of the merging events.
Ethereum (ETH) returned to levels last seen in June based on renewed momentum following those upcoming potential merging events.
Market insight provider Santiment explained:
“Ethereum's return above $1,500 for the first time since June 12th appears to be happening as the crowd has little belief in this rebound. Despite this, the average ETH return of 30-day traders has ballooned to +28%, the highest since August 2021.”
Source: Santiment
The 30-day return for Ethereum traders also hit an 11-month high, suggesting that the renewed momentum has driven their profits to levels last seen in August 2021.
Furthermore, ETH supply in profit also soared by 56%. On-chain insight provider Glassnode stated:
“Over the last month, almost 7.8% of circulating supply of ETH has transacted on-chain and changed hands. The total ETH supply in profit has now increased to 56%, after hitting lows of 41% prior to the current price rally.”
Source: Glassnode
The second-largest cryptocurrency was up by 3.8% to hit $1,511 during intraday trading, according to CoinMarketCap.
During a recent developers’ call, September 19 emerged as the most probable date for the merge.
Therefore, these upcoming events have been making airwaves, triggering a bullish momentum in the Ethereum market because the merge is anticipated to be the biggest software upgrade in the ecosystem.
The merge is expected to transform the Ethereum network to a proof-of-stake (PoS) consensus mechanism from the current proof-of-work (PoS) framework, which has been elusive for a few years.
The PoS algorithm will enable the confirmation of blocks in a more cost-efficient and environmentally friendly way because validators will stake Ether instead of solving a cryptographic puzzle.
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