Pre Merge track: ETH’s grim on-chain metrics ft. a surprising uptick

ambcrypto.com:

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 if investors are bullish on ETH ahead of the much-anticipated transition from PoW to PoS consensus mechanism?

Over the last 24 hours, more than 57,000 traders have been liquidated in the crypto market. This has led to a total of $150 million in assets liquidated over the last day. The most prominent of these has been the Ethereum liquidations.

As ETH traders await the September proof-of-stake consensus mechanism transition, there are still hints of uncertainty- such as negative sentiment and Ethereum’s percentage of coins sitting on exchanges as highlighted in Santiment’s tweet below.