Ethereum has been buzzing on social media following Merge’s launch last week. However, nothing went according to plan as ETH price has fallen below $1,350.
In fact, Ethereum’s weekly losses are now over 17%, according to CoinMarketCap. But anonymous crypto enthusiasts (@Crypto Gucci) believes in a recent tweet that all hope is not lost for Ethereum.
last 48 hours #ethereuma quick thread 🧵
— Crypto-Gucci.eth ᵍᵐ🦇🔊 (@CryptoGucci) September 21, 2022
Getting back on track soon?
The analyst sparked discussions about Ethereum validators, who added more than 113,600 in September alone.
Ethereum now has over 429.6k active validators on the network. From a combined technical perspective, the late surge in online validators means growing investor confidence.
Source: Glassnode
That being said, the leading NFT marketplace OpenSea has now extended its support to Arbitrum.open sea Announce This message in a tweet yesterday (September 20) claimed that users can now buy and sell NFTs on the Ethereum Layer 2 solution.
NFTs will roll out on Arbitrum starting September 21st without any delay.
But…but…but
Despite these optimism, things remain bleak for Ethereum and the cryptocurrency market as a whole. Leading crypto assets like BTC and ETH are still struggling in the market.
At press time, Bitcoin is trading below $19,000, while ETH is trading around $1,330. Both coins have fallen over the past day and continue to be affected by macro factors.
The situation is similar for Ethereum traders given the price drop. Ethereum’s MVRV ratio has now dropped to -13.6% due to a significant drop in profitability over the past week.
This process was exacerbated by the massive sell-off following the merger event. Trader sentiment remains a key factor in the asset’s near-term recovery and is still in dire territory.
Source: Santiment
This is another volatile aspect observed on Ethereum today (September 21).According to the blockchain analysis platform glass nodeEthereum’s median volume has fallen to an all-time low of 0.032 ETH.
This clearly reflects the current state of collapse in Ethereum trader sentiment, with many looking to reduce their ETH exposure.
Source: Glassnode
Another worrying factor for Ethereum is the growing negative sentiment in the crypto community. Based on the data below, we can see how FUD is blending into the crowd despite the “highly anticipated” merger event. Ethereum seems to be looking to end the third quarter in a similar fashion to the previous quarter.
Source: Santiment
