- The aftereffect of the Ethereum merger had no substantial effect on the ETH price.
- The funding rate leveled off as traders showed no push for more volume.
Like the Sept Ethereum [ETH] Merge is approaching its quarterly anniversary, traders are still left in hysterics over the impact the event has had.
Recall that there was wild enthusiasm leading up to the Proof-of-Stake (PoS) transition. This is due to the prospect of a positive price reaction.
Unfortunately, this did not seem to be the result; in fact, ETH dropped below $1,500 over time. Under the current circumstances, ETH refused to deliver a spectacular performance, as highlighted by Santiment’s final report.
Here is Ethereum’s price prediction 2023-2024
Incoherence – the order of the day
According to Santiment’s on-chain analyst Brianq, not every part of Ethereum was obsessed with negativity. The analyst noted that whales had been phlegmatic in amassing the second-ranked cryptocurrency in market value weeks after the merger through the end of October.
However, since November 7, these bulging stock market investors started stockpiling.
The above data indicated that ETH investors holding between 100 and 1,000,000 coins appear to have delayed their decision to exit. As such, the renewed interest caused these whales to make up 2.09% of the total supply.
The measures taken here outline a reason for one bullish justification. For those who consider only this metric as a rationale for bulls, other metrics suggest that the coast may not be clear yet. So it may not be the time to bet on the recent upside continuation.
With regard to the actions of market parties, Santiment showed that the financing rate had improved. This was because the Binance funding rate with USDT and BUSD was fair enough as both were 0.01%.
Still, the status mostly reflected neutrality, as Brianq also agreed that the lack of extreme fear and greed contributed to the current state.
Nevertheless, short liquidations were not exempt as ETH favored the upside over the past 24 hours. According to Coinglass, total liquidations over the past day was $13.76 million, with shorts taking over $11 million from the wipeout. This implied that as of December 8, the ETH trend was not favorable to trades predicting downside.
Getting duped while waiting
Socially, it wasn’t the best of times for Ethereum shortly after the merger. This was due to the back into discussions around the asset. Interestingly, progress has been made recently as ETH’s social dominance has risen to 10.31%. Notably, social volume was suppressed to 193.
For long-term holders, owning ETH still meant long-term condition. This was due to the condition represented by the 365-day market value to realized value (MVRV) ratio.
At the time of writing, Ethereum’s MVRV ratio was -29.96. This meant that investors who owned and still owned the altcoin had negative returns.
But with the MVRV ratio picking an uptrend, ETH’s long-term projection signaled bullish traits. In the short term, however, bearishness was likely to prevail. Therefore, there may still be a chance to trade below $1,000.