Significant developments continue to occur during the planned transition for Ethereum to become a proof-of-stake blockchain. Google “Ethereum merge/merge (Ethereum Merge)” is currently at an all-time high.
Interest in Ethereum is at the Line Phase!
According to Lucas Outumuro, head of IntoTheBlock, who noted the current data Ethereum (ETH) interest and optimism continues to increase quite strongly.
Google searches for “Ethereum merge” just hit an all-time high
Interest and optimism around $ETH picking up… 🤔 pic.twitter.com/L0AROoAFdR
— Lucas Outumuro (@LucasOutumuro) March 24, 2022
According to Google Trends, the query for “Ethereum merger” has enough volume to score 100 points per day. To elaborate regionally, Canada draws attention as the source of the highest search volume, followed by Australia and the USA.
This is not surprising at all, as the merger is the next big thing to happen on the second largest blockchain network. According to some projects, the event that will mark the fusion of Ethereum’s execution layer and consensus layer is scheduled to take place in late June.
Meanwhile, Ethereum developers recently ran a successful test on a public testnet, raising expectations in this regard. The testnet was released last week and was billed as the final testnet before the upgrade was performed on the mainnet.
Similarly, ETH 2.0 staking, there has been a spike in total ETH that has been locked up recently. Over 10.72 million ETH, worth approximately $32 billion, are currently locked in the ETH 2.0 contract. ETH holders are looking to earn huge APYs when the network finally adopts PoS.
CryptoQuant also pointed out that another bullish effect of the increase in locked ETH is an incoming supply shock and a price spike.
CryptoQuant analyst Elcryptotavo noted, “Ethereum Staking Entries are rising rapidly, which means that a significant amount of ETH is out of circulation and this should be reflected in the price soon.”
Ethereum Passes $3000 Level
Increasing expectations, of course, were not fruitless and found a positive response in the ETH price, helping the price pass the $3000 level. ETH hit an intraday high around $3,190, the last traded level late last month. Crypto is also in the bull run, up 5.23% since last week. If this momentum continues, ETH could approach its previous high of $4860.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.