{"id":254502,"date":"2022-08-29T17:00:49","date_gmt":"2022-08-29T11:30:49","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=254502"},"modified":"2022-08-29T18:46:23","modified_gmt":"2022-08-29T13:16:23","slug":"ethereum-faces-another-mountain-to-climb-at-least-until-merge","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-faces-another-mountain-to-climb-at-least-until-merge\/","title":{"rendered":"Ethereum faces another mountain to climb, at least until Merge"},"content":{"rendered":"

The rampage continues for Ethereum<\/a> as the alt faltered in the market on 28 August. Investors are elated to see that the Merge is finally happening after a series of delays over the past year.<\/p>\n

But Ethereum is facing a torrid time in the market with trader expectations taking a massive hit at least until the Merge.<\/p>\n

The prized altcoin has now lost the $1,500 support line and has been hovering below it for the past two days.<\/p>\n

Despite a couple of rare surges, ETH continues to lag in a state of despair with trader sentiment showing no relief.<\/p>\n

The ETH-problem<\/h3>\n

According to CoinMarketCap, Ether on 28 August was trading at $1,487 after taking a huge price cut by 8.28% in the past week.<\/p>\n

While some crypto assets such as Polygon and Cardano have recovered, others continue to recover from their lowest ebb this month.<\/p>\n

The state of Ethereum is further reflected in low network activity in recent days.<\/p>\n

Notably, Ethereum\u2019s trading volume dipped by a whopping 45% in the past 24 hours of 28 August.<\/p>\n

According to the analytics firm Glassnode, the number of transactions (7d MA) reached a 1-month low of 42,497 on 28 August.<\/p>\n

This is another reflection of the fall of traders’ interest in Ethereum with the falling prices a major breaking point.<\/p>\n

\"\"<\/a>
Source: Glassnode<\/figcaption><\/figure>\n

Glassnode reported on another faltering statistic for Ethereum. The Perpetual Futures Contracts volume reached a new low.<\/p>\n

The volume dropped to a 3-month low on the exchange-giant Bitmex in the past 24 hours to $94.6 million.<\/p>\n

This low was previously experienced in the aftermath of the credit crisis in the crypto industry back in June 2022.<\/p>\n

\"\"
Source: Glassnode<\/figcaption><\/figure>\n

Trader profits have also dried up in a week or so as seen in the chart below.<\/p>\n

According to the analytics firm, Ethereum is in a very delicate position after its Merge-announcement-related returns turned grey following the Powell speech.<\/p>\n

On 28 August, the MVRV index value stood at -14.5% on the 30d chart as investors’ interest tumbled.<\/p>\n

\"\"<\/a>
Source: Santiment<\/figcaption><\/figure>\n

Conclusion<\/h3>\n

This completes the round-up explaining the Ethereum situation among traders as they battle for profitability.<\/p>\n

As it stands, the Merge will be the starting point for traders on the network to build on.<\/p>\n

The vast margins of this network still face the threat of faster and low-cost blockchains such as Solana and Polygon.<\/p>\n","protected":false},"excerpt":{"rendered":"

The rampage continues for Ethereum as the alt faltered in the market on 28 August. Investors are elated to see that the Merge is finally happening after a series of delays over the past year. But Ethereum is facing a torrid time in the market with trader expectations taking a massive hit at least untilContinue reading “Ethereum faces another mountain to climb, at least until Merge”<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":254510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-254502","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nEthereum faces another mountain to climb, at least until Merge - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The rampage continues for Ethereum as the alt faltered in the market on 28 August. 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