Ethereum [ETH]: With the Merge just a few days away, here’s all you should know
With Ethereum 2.0 underway, the transition into a Proof-of-Stake Network for the Ethereum [ETH] blockchain is about to become a reality. Users and developers are excited over the developments this upgrade will usher into the network. With the merge on Ropsten scheduled for 8 June, the whales appear to be gearing up for a pump in price that might follow the merge.
According to data from Glassnode, the number of addresses holding 32+ Ether Coins just reached a 13-month high of 111,292 addresses. A previous 13-month high of 111,285 was observed on 3 June. This shows that as the day of the Ropsten merge draws nearer, more people continue to accumulate this altcoin.
At the time of press, data from the same source also showed that the number of addresses holding 1+ Ether Coins had taken on a steady increment since 31 May. At the time of writing, the figure stood at 1,485,908 addresses. This means that the big and small whales alike, continue to accumulate the token ahead of the merge.
What else do we know?
Few weeks ago, as the value of Bitcoin [BTC] fell and the largest cryptocurrency failed to hold its strategic $30k mark, the price per Ether token was terribly impacted as the coin also fell below its $2k position. With just a 1.28% spike recorded in the last 24 hours, the token exchanged hands at $1,794.24 at press time.
With price marked by a red candle stick at the time of writing, the Relative Strength Index (RSI) and the Money Flow Index (MFI) for the Ether coin remained below the 50 neutral region. Delving into the oversold position, the RSI was on a downward curve at press time and was pegged at 38.16.
Similarly, the MFI also stood at 36.91 at the time of writing. It was interesting to note that both indicators have since
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