Ethereum has been at the center of discussions on social media following the publication of the Fusion last week. However, not everything went to plan as ETH prices dipped below $1,350.
In fact, Ether’s weekly losses are now over 17% according to CoinMarketCap. But an anonymous enthusiast of the crypto (@CryptoGucci) believes that all hope is not lost for Ethereum in a recent tweet thread.
The last 48 hours on #Ethereum, a quick thread🧵.
— Crypto-Gucci.eth ᵍᵐ🦇🔊 (@CryptoGucci) September 21, 2022
Back on track soon?
The analyst rekindles the conversation about Ethereum validators which rose over 11.36k in September alone. See also: Bybit Exchange signs multi-million dollar deal with Red Bull Racing.
Ethereum now has over 429.6,000 active validators on the network. This late rise in the number of online validators signifies a growing increase in investor confidence from a technical merger standpoint.
That being said, the main NFT marketplace, OpenSea, has now extended its support to Arbitrum. OpenSea announced the news in a tweet yesterday (September 20), saying that users will now be able to buy and sell NFTs on the Ethereum Layer 2 solution.
NFTs will start rolling on Arbitrum from September 21 only, without any delays.
Despite these encores of optimism, the situation remains grim for Ethereum and the crypto market in general. See the article: But why did the Bitcoin (BTC) price plunge so violently, despite the FOMC’s impulse? Will BTC reach $30,000 this week?. Major crypto assets such as BTC and ETH are still struggling in the market.
At press time, bitcoin was trading below $19,000, while ETH was available at around $1,330. Both tokens have plunged over the past day and continue to be affected by macro factors.
The situation is similar for Ethereum traders in light of the price drop. The MVRV ratio for Ethereum has now fallen to -13.6% as profitability has declined massively over the past week.
This process was exacerbated by a massive sell-off after the merger event. Traders’ sentiment remains a crucial cog in any short-term recovery as the asset remains in dire straits at the moment.
Here is another failing aspect seen on Ethereum today (September 21). According to blockchain analytics platform Glassnode, Ethereum’s median transaction volume has fallen to an all-time low of 0.032 ETH.
This is a clear reflection of the collapsed state of Ethereum trader sentiment at the moment, with many looking to reduce their exposure to ETH.
Another worrying factor for Ethereum is the growing negative sentiment in the crypto community. From the data below, we can see how FUD is settling into the crowd despite the “highly anticipated” merger event. It looks like Ethereum is looking to end Q3 on a similar note to the previous quarter.
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ETH Prediction: What Ethereum Traders [ETH] can expect from the fourth trimester. – Mag Mirror
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