After months of market corrections, major cryptocurrencies like Bitcoin, Ethereum price among others have now regained stability. This has led to a spike in the traders’ and investors’ interest in these currencies, and they seem unwilling to sell their holdings.
The chart below depicts the decline in selling pressure over the last seven days.
As per the analytic firm, Santiment, bulls wish FUD to stay around because the price rises whenever there is a doubt.
Ethereum Price To Surge Dramatically
While the Ethereum network is preparing for the upcoming merge in September, it is expected that many investors would enter in the market to trade Ether.
Furthermore, the calls that are set for September have the highest volume at $4,000 to $5,000 respectively. Hence, hopes run high that ETH will double in the next six weeks.
It’s the same scenario in the spot market as well. Here, there is extreme accumulation as addresses that hold more than 10 and 100 ETH have increased.
Whalestats, a blockchain tracking platform, claims that there was a spike in the balance of a whale who is known as Naruto, from $1.98 billion on July 15 to more than $2.96 billion today.
Argentina To Run Ethereum Nodes
While the Ethereum merge is gaining immense traction, there have been updates from Argentina as it plans to run Ethereum nodes in 2023.
However, the lead altcoin has lost its $2k mark as Ethereum has dropped by 0.21% over the last 24hrs and is currently trading at $1,889.