{"id":27482,"date":"2022-08-30T04:15:34","date_gmt":"2022-08-30T04:15:34","guid":{"rendered":"http:\/\/egrowonline.com\/?p=27482"},"modified":"2022-08-30T04:15:34","modified_gmt":"2022-08-30T04:15:34","slug":"can-the-merge-really-be-major-tailwind-for-eth-by-benzinga","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=27482","title":{"rendered":"Can The Merge Really Be ‘Major Tailwind’ For ETH? By Benzinga"},"content":{"rendered":"


\n<\/p>\n

\n
\n\"Ethereum
\n\u00a9 Reuters. Ethereum Gains Outpace Bitcoin, Dogecoin: Can The Merge Really Be ‘Major Tailwind’ For ETH?<\/span>
\n\n<\/div>\n

reclaimed the $20,000 mark, while traded above $1,500 on Monday evening as the global cryptocurrency market cap rose 4.2% to $985.55 billion.<\/p>\n\nPrice Performance Of Major Coins<\/p>\n\nCoin
\n24-hour
\n7-day
\nPrice
\n<\/tr>\n\n\n\n
Bitcoin (CRYPTO: BTC)<\/td>\n3.2%<\/td>\n-5.2%<\/td>\n$20,269.24<\/td>\n<\/tr>\n
Ethereum (CRYPTO: ETH)<\/td>\n7.9%<\/td>\n-4.5%<\/td>\n$1,545.94<\/td>\n<\/tr>\n
(CRYPTO: DOGE)<\/td>\n3.2%<\/td>\n-6.8%<\/td>\n$0.06<\/td>\n<\/tr>\n<\/table>\n\nTop 24-Hour Gainers (Data via CoinMarketCap)<\/p>\n\nCryptocurrency
\n24-Hour % Change (+\/-)
\nPrice
\n<\/tr>\n\n\n\n
Lido DAO (LDO)<\/td>\n+17.1%<\/td>\n$1.86<\/td>\n<\/tr>\n
Synthetix (SNX)<\/td>\n+15.9%<\/td>\n$3.47<\/td>\n<\/tr>\n
Flow (FLOW)<\/td>\n+12.3%<\/td>\n\u200b\u200b$1.91<\/td>\n<\/tr>\n<\/table>\n

See Also: How To Get Free Crypto<\/p>\n

The two largest cryptocurrencies were in the green at the press time after surviving a day that saw risk assets such as stocks tumble. The S&P 500 and Nasdaq ended Monday down 0.7% and 1%, respectively. At press time, stock futures rose slightly. <\/p>\n

\u201cBitcoin is showing some resilience here as it has clawed back above the $20,000 level, despite widespread stock market weakness. Cryptocurrency traders are not used to seeing Bitcoin withstand a rout on Wall Street, so this could be a promising sign,\u201d said OANDA senior market analyst Edward Moya, in a note, seen by Benzinga.<\/p>\n

Micha\u00ebl van de Poppe noted that Ethereum was showing strength on Monday. The cryptocurrency expects a \u201cfew days of consolidation\u201d for the second-largest coin. Van de Poppe sees crucial ETH resistance at $1,650 and a potential move up to the $2,200 mark.<\/p>\n

– #Ethereum showing strength today. #Bitcoin has been seeing a slight bounce, which resulted into a 3.50% bounce on the $ETH \/ $BTC pair.<\/p>\n

The scenario still stands and could fulfill;<\/p>\n

– Few days of consolidation.<\/p>\n

– Crucial resistance at $1,650.<\/p>\n

Potentially $2,200. pic.twitter.com\/s0o63755GE<\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) August 29, 2022<\/p>\n<\/blockquote>\n

Justin Bennett reminded his followers on Twitter (NYSE:) that altcoins dropped over 90% in the last bear market. <\/p>\n

And to anyone who says altcoins won’t pull back that far…<\/p>\n

They already did once.<\/p>\n

Alts pulled back over 90% during the last bear market. So to think they’ll stop at -74% this time with raging inflation, a global recession, etc. is naive, IMO.<\/p>\n

\u2014 Justin Bennett (@JustinBennettFX) August 29, 2022<\/p>\n<\/blockquote>\n

\u201cSo to think they’ll stop at -74% this time with raging inflation, a global recession, etc. is naive,\u201d said the trader. <\/p>\n

Glassnode said in a weekly blog that Bitcoin user base performance is \u201clackluster at best.\u201d Investor psychology appears to be dominated by \u201cget my money back\u201d sentiment and a \u201cgreat degree of spending taking place at and around their cost basis.\u201d<\/p>\n

\nBitcoin, Net Realized Profit\/Loss In Dollars \u2014 Courtesy Glassnode<\/p>\n

The on-chain analysis firm said Bitcoin investors are realizing aggregate net losses of $220 million a day. Even though this figure is \u201cmodest in magnitude\u201d but this amoun of capital outflow suggests that \u201cbulls are fighting an uphill battle.\u201d<\/p>\n

Ethereum, which surged relative to the broader cryptocurrency market between June and early August on Merge expectations, has stalled, said Kaiko Research in a note. <\/p>\n

The ETH-BTC ratio rose from .05 to .08 in the period but after sanctions on Tornado Cash and related questions on how Ethereum\u2019s transition to proof-of-stake will be affected, the coin\u2019s upward movement has \u201cslowed considerably\u201d and the ratio reversed.<\/p>\n

\nEthereum To Bitcoin Ratio \u2014 Courtesy Glassnode<\/p>\n

\u201cIn the long term, the upcoming Merge should be a major tailwind for ether as it is expected to reduce the issued supply, improve energy efficiency and lay the foundation for more scalability in the future,\u201d said Kaiko. <\/p>\n

Even so, another potential worry for investors is Ethereum\u2019s network growth. Chartist Ali Martinez tweeted that the growth hasn\u2019t been this low in more than two years. Martinez said the last time the number of daily new ETH new addresses was 49,700 was in March 2020. <\/p>\n

#Ethereum network growth hasn’t been this low in more than two years. The last time the # of daily new $ETH addresses was 49,700 was back in March 2020.<\/p>\n

A steady decline in the # of new addresses created on the #ETH blockchain tends to lead to a steep price correction over time. pic.twitter.com\/u1zdwbbyH8<\/p>\n

\u2014 Ali Martinez (@ali_charts) August 29, 2022<\/p>\n<\/blockquote>\n

\u201cA steady decline in the [number] of new addresses created on the [ETH] blockchain tends to lead to a steep price correction over time,” he tweeted.<\/p>\n

Read Next: Over Half Of Nearly $260B Bitcoin (BTC) Trades Are Fake, Says Report<\/p>\n

\u00a9 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.<\/p>\n

Read at Benzinga<\/p>\n

Read the original article on Benzinga<\/a><\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Ethereum Gains Outpace Bitcoin, Dogecoin: Can The Merge Really Be ‘Major Tailwind’ For ETH? reclaimed the $20,000 mark, while traded above $1,500 on Monday evening as the global cryptocurrency market cap rose 4.2% to $985.55 billion. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin (CRYPTO: BTC) 3.2% -5.2% $20,269.24 Ethereum (CRYPTO: […]<\/p>\n","protected":false},"author":1,"featured_media":16609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[4726,181,650,6265,10800],"class_list":["post-27482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-benzinga","tag-eth","tag-major","tag-merge","tag-tailwind"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/05\/LYNXNPEB66095_L.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/27482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27482"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/27482\/revisions"}],"predecessor-version":[{"id":27483,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/27482\/revisions\/27483"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/16609"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27482"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}