Following the broader market cues, the largest altcoin Ethereum had a good rally in July. However, the scenario seems to be changing for ETH now. With the upcoming Merge, investors across the Ethereum network are excited. Ethereum has surpassed all speculations, FUD with the backing of Merge is a matter of contemplation. But one wonders […]
Indeed, ETH’s rising supply on exchanges is the key concern at the moment. Even the much-spoken July price surge didn’t quite satisfy investors/traders.Another worrisome indicator was theGlassnode, the analytical platform shared this scenario in the graph below.To put this in perspective, Ethereum’s market share of DeFi TVL stood at 100% at the beginning of 2021.
Having said that, the NFT arena did highlight a welcome sign for ETH enthusiasts. ETH’s relative gas consumption dominance by activities grew by 6.2% since November. Thus, showing a continued market preference for NFT transactions., the average sale price for an Ethereum NFT went from $2,463 in May to just $440 at press time, a 71% decrease. So as the crypto bear market continues, NFTs are being purchased for less.The aforementioned developments did indeed affect ETH’s price. At the time of writing, ETH suffered a fresh 8% correction as it traded around the $1.4k mark.
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Ethereum’s [ETH] Merge talk investors shouldn’t miss out onThe news of the Ethereum Merge pumped up optimism on the network. However, ETH, at press time, was consolidating above $1600 as the Merge craze started easing coming into the weekend. In the current relief rally, ETH has outperformed the king coin by achieving a 19.07% increase in the last seven days. Now, the question […]
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