Ethereum [ETH]: What to expect from the leading alt in Q4 after Merge
Source: Santiment
Furthermore, as revealed by the Mean Dollar Invested Age metric in Q3, previously dormant ETH coins started moving addresses a month before the Merge. While a fall in an asset’s MDIA suggested significant activity on its network and was a precursor to a price rally, the reverse was the case for ETH.
As the MDIA fell , the price per ETH also dropped. In the three weeks leading up to the Merge, ETH logged consecutiveFurthermore, dormant coins moving addresses might have been investors sending the long-held ETH out of their wallets. Following the Merge, the MDIA began on an uptrend suggesting that dormancy once again returned to the ETH network.The impact of whale accumulation instigating the price of ETH cannot be overstated. According to data from Santiment, key whales holding between 10,000 to 1,000,000 ETH coins gradually reduced their ETH holdings a few days before the Merge.
With a decline in the broader financial market and a consequential decline in the cryptocurrency market, these whales witnessed no incentive to return. Furthermore, the responsibility to drive up the price of ETH then rested on the shoulders of asset retailers.At press time, buying pressure had waned on the daily chart, making any significant short-term price rally increasingly unlikely.Subscribe to get it daily in your inbox.
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