Етхерерум‘s much-anticipated “Стопити” seem to be closer than ever. DeFi investors are hoping that Ethereum’s ‘Merge’ will pull the crypto market out of its current bear market.
All roads lead to ‘YOU’
The second-largest cryptocurrency has significantly suffered in 2022.
Датум from DeFiLlama shows, that the total value of assets locked in the space has touched new lows. According to the data, DeFi TVL is less than $110 billion, the lowest since October 2021.
Moreover, on 30 May, the Ether address allegedly associated with Тхрее Арров Цапитал sent 32,000 ETH worth $60 million to the ФТКС crypto exchange within a span of an hour. Ergo, injecting sell-off fears.
But this might change as roads are leading to the Merge. Ethereum’s merge is undoubtedly one of the most anticipated developments in the crypto space. Here’s the first pit stop.
Ропстен тестнет on the Ethereum network is ready to set the stage for the “first dress rehearsal” of the ‘Merge’ to adopt the proof-of-stake (PoS) consensus mechanism. Core Ethereum developer Тим Беико, on 31 May shared this news on the social media platform. The final test Merge is expected to be “around 8 June.”
? Ропстен Мерге Анноунцемент ?
Етхереум-ов најдуговјечнији ПоВ тест мрежа прелази на Прооф оф Стаке! Нови беацон ланац је покренут данас, а спајање се очекује око 8. јуна на мрежи.
Оператери чворова: ово је прва генерална проба?https://t.co/0fDHObLOmn
— Тим Беико | тимбеико.етх ? (@ТимБеико) Може 30, 2022
Just minutes after this development, ETH’s number of addresses holding 100+ coins reached a 1-year high of 43,425.
Извор: Глассноде
Ethereum remained supported above the $1,850 level. Indeed, it was a steady increase and the bulls were able to push the price above the $1,920 resistance zone.
At press time, ETH with a 3% surge in 24 hours crossed the $1.96k mark. This would also be a positive trigger for the investors who are currently showing some certainty concerning the altcoin.
Извор: Глассноде
Well, undeniable, ETH holders, at press time, are optimistic that their investment would turn into profits.
Relief rally?
The said bounce in Ether came as "не изненађује" to market analyst and pseudonymous Twitter user Рект Цапитал. But, there might be some concerns. A crypto analyst with the Twitter name Crypto Tony offered a word of caution, постављање the following chart and warning to “never lose sight of the bigger picture.”
Never lose sight of the bigger picture. Yes things are looking nice at the moment, but to me this is simply a relief rally. We have no broken market structure on the time frame and until proven otherwise i am still looking for one more leg down ? pic.twitter.com/EBvOqZ5WcH
— Црипто Тони (@ЦриптоТони__) Може 30, 2022
Source: https://ambcrypto.com/eth-traders-couldnt-keep-calm-as-first-dress-rehearsal-of-the-merge-was/