All Things to Know About ETH as the Merge Looming

    With the Merge is underway, the transition into a Proof-of-Stake Network is about to become a reality.

    According to Glassnode, the number of addresses holding above 32 ETH recently reached its 13 monthly peaks of 111,292 addresses. The previous peak is 111.285, established on June 3. This data shows that there are more people accumulating this altcoin as the Ropsten merge draws nearer. 

    At the same time, the number of addresses holding above 1 ETH had also taken on a steady increment since 31 May. At the time of this writing, the figure is standing at 1,485,908 addresses. As such, both big and small whales continue to accumulate tokens ahead of The Merge.

    The price is still below $2,000

    A few weeks ago, when Bitcoin price failed to hold the strategic price of $30,000, ETH was also hit hard and slipped below $2,000. Over the past 24 hours, the biggest altcoin is up nearly 7% and trading at $1,910.

    Despite the price marking a green candle on the daily chart, ETH’s Relative Strength Index (RSI) and Money Flow Index (MFI) have remained below the 50 neutral zone since April 6 after the market crash. The good news is that both indexes are heading to the 50 line, with RSI at 44.83 and MFI at 44.18.

    Chart by TradingView

    With the price rising stably, trading volume jumped by almost 72%. At the time of this writing, the market capitalization of ETH tokens stands at $231 billion but is still 50% lower than $438.1 billion at the beginning of the year.

    On-chain analysis

    Amid the long-awaited The Merge is about to unleash, looking at the on-chain data shows that ETH is generating more buzz on the social front. Specifically, Social Dominance and Social Volume have recorded higher figures, at 9.23% and 232 respectively at press time.

    Social Dominance and Social Volume (Source: Santiment)

    Similarly, development activity has been on a steady rise since 31 May and is currently at 51.

    Development activity (Source: Santiment)

    Additionally, as The Merge approaches, the percentage of ETH held by the top 10 addresses on the network also steadily increased. At the time of writing, this indicator was pegged at 24% of the total circulating supply of ETH.

    Supply held by the top 10 addresses (Source: Santiment)

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