Ethereum will unveil the Merge on its beacon chain within the coming days. The event has dominated the cryptocurrency talks for a while.
Meanwhile, the Merge anticipations have seen Ethereum recording high activity on social sites. The latest Santiment tweet indicated that Merge’s social interest increases with time as massive upticks correspond with price dips.
The imminent Merge release also has ETH as the leading token by social contributors within the previous week. LunarCrush confirmed that in its latest tweet, highlighting ETH’s social activity lately. That also puts the top alt ahead of other assets, including Cardano (awaiting its Vasil fork release) and Bitcoin.
Meanwhile, next week’s FOMC meeting might lead to volatility within the financial space. Nevertheless, ETH is already witnessing price rebounds, dropping 5.2% on its daily chart. While writing these lines, Ether traded at $1,601, maintaining bearishness after surrendering the foothold of $1.7K.
The Merge Week
The latest Kaiko research highlighted notable events as the market traverses the essential Merge week. First and foremost, the study assessed the shifting patterns by Bitcoin and Ethereum perpetual futures funding during the weekend. ETH saw its funding rates decline to a highly negative level since July last year, whereas BTC’s funding flipped positive.
Analysts believe the upcoming ETH Merge catalyzed the difference. That has seen investors reducing risk exposure to Ethereum through shorting perpetual futures. Also, that explains why Ethereum funding rates remained negative for more than one month.
Also, the study revealed trend reversals across the top thee staked Ethereum tokens – bETH from Binance, cbETH from Coinbase, and stETH from Lido. These tokens seem to present substantial discounts on the exchanges.
Kaiko termed cbETH as the most massively discounted of the three. Nevertheless, it has confirmed an increase by September 12, climbing to 0.94 from 0.915. the other two might show discount improvements.
That places Ethereum in a notable steady spot as the Merge nears. Nevertheless, traders should remain careful as far as risk exposure is concerned. That’s because of the ongoing price dip.
What are your thoughts about the upcoming Ether Merge? Feel free to share your opinions in the reply area below.
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