Ethereum has been in the midst of debate on social media following the release of Merge last week. However, not everything went according to plan as ETH price dropped below $1350.
In fact, Ether’s weekly losses have now exceeded 17%, according to CoinMarketCap. But an anonymous crypto enthusiast (@cryptoguchi) believes all hope is not lost on Ethereum in a recent tweet thread.
The last 48 hours in # Ethereumfast thread🧵
– Crypto-Gucci.eth ᵍᵐ🦇🔊 (CryptoGucci) September 21 2022
Back on the right track soon?
The analyst raises the debate about the Ethereum auditors who increased by more than 11.36K in September alone.
Ethereum now has over 429.6 thousand active validators on the network. This belated increase in online auditors indicates a growing increase in investor confidence from the technical point of view of the merger.
However, NFT market leader OpenSea has now expanded its support to Arbitrum. open sea announce This news in a tweet yesterday (September 20) claims that users will now be able to buy and sell NFT on an Ethereum Layer 2 solution.
Trading of NFTs on Arbitrum will start from September 21st only without any delay.
but but but
Despite this double optimism, the situation for Ethereum and the cryptocurrency market in general remains bleak. Leading crypto assets like BTC and ETH are still struggling in the market.
At press time, Bitcoin is trading at just under $19K while ETH is available at around $1,330. Both tokens dropped in the past day and continue to be affected by macro factors.
The situation is similar for Ethereum traders in light of the drop in prices. Ethereum’s MVRV is now down to -13.6% as profitability has fallen significantly in the past week.
This process was exacerbated by a large sell-off after the merger event. Trader sentiment remains a crucial gear for any short-term recovery of an asset that is still in a difficult situation at the moment.
Here is another faltering aspect observed on Ethereum today (on September 21st). According to the blockchain analytics platform glassHowever, the average Ethereum transaction volume has dropped to an all-time low of 0.032 ETH.
This is a clear reflection of the dilapidated state of sentiment for Ethereum traders at the moment as many are looking to reduce their exposure to ETH.
Another worrying factor for Ethereum is the growing negative sentiment from the crypto community. According to the data below, we can see how FUD is stabilizing into the crowd despite the “highly anticipated” consolidation event. It appears that Ethereum is looking to end the third quarter along the same lines as the previous quarter.