Ethereum As (ETH) prepares for the highly anticipated Merge update, blockchain It is considered that the update may bring developments in favor of the bull for Ethereum.
Accordingly, an increasing trend is observed in the number of newly created ETH addresses before the September 15 event.
There Is A Huge Increase In The Number Of Addresses Added To The Ethereum Network Before Merge
As of September 2, there are 204,571,827 different addresses in the ETH network, representing a growth of 2,210,529 addresses compared to 202,361,298 registered on August 2.
With this development, Etherscan According to data, ETH added an average of 71,307 addresses per day for 30 days.
It should be noted that this situation does not clearly indicate whether the added addresses are active or the number of real people participating in the network.
Individual investors can sometimes have more than two addresses in different ETH wallets.
While the cryptocurrency market is currently experiencing declines, the increase in ETH addresses can be attributed to some extent to the Merge upgrade, which will migrate the network to the Proof-of-Stake (PoS) blockchain.
It can be said that address holders are trying to hold on to the world’s largest altcoin in anticipation of a possible rally.
In this case, ETH has been showing slight signs of rallying lately. After the update was announced, there was a short-term rally in August.
Similarly, blockchain analytics platform Santiment reported that investors have shorted ETH at the highest rate since June 2021. According to the analysis company, price increases are more frequent when such a condition occurs.
📉 The #Ethereum disbelief is strong from traders during a particularly volatile week of trading. The crowd has #short, across exchanges, at the largest ratio since June of 2021. Historically, price rises are more prevalent in these conditions. https://t.co/DpG1E1TI9Y pic.twitter.com/e6xAWOXeFM
— Santiment (@santimentfeed) August 30, 2022
Considering that most ETH investors are at a loss, it remains to be seen how the update will affect the current bearish market.
*Not investment advice.
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