Ethereum (ETH), the leading altcoin of the crypto money industry, continues to have busy hours before the Merge merger. The increasing interest in Ethereum is also clearly seen in the on-chain data. Thanks to the popularity of ETH 2.0, the number of Ethereum addresses continues to increase. Although an investor can open multiple addresses, this increase still proves that the interest in the leading altcoin is rising.
According to Santiment, a successful data provider, the number of short positions opened on Ethereum continues to decrease day by day. Ethereum, which will switch to the Proof-of-Stake (PoS) blockchain, seems to add value to its value thanks to the Merge upgrade.
"The #Ethereum disbelief is strong from traders during a particularly volatile week of trading. The crowd has #shorted, across exchanges, at the largest ratio since June of 2021. Historically, price rises are more prevalent in these conditions."
Short positions on Ethereum even fell below the June 2021 low. The fact that the ETH price can rise very sharply with the Merge merger drives investors away from short positions. It is known that institutional investors and whales buy ETH on the spot. Huge investors who transferred the leading altcoin to cold wallets expect Ethereum to rise in the future. Although the Ethereum Merge merger is a very important development, it should not be forgotten that on September 15, Mt.Gox will distribute 137 thousand BTC. The distribution of these Bitcoins could cause a sharp depreciation of the leading cryptocurrency, as well as a drop in Ethereum.
Ethereum price was $1,551 at the time of writing, according to CoinGecko data. ETH price's trading volume in the last 24 hours is $11,322,979,423. ETH price is down -5.1% in the last 24 hours. Ethereum hit an all-time high price of $4,878 10 months ago on Nov 10, 2021.