October 6, 2022

Ethereum has been in the heat of discussion on social media following the announcement of the merger last week. However, not everything went according to plan as ETH prices fell below $1,350.

In fact, Ether’s weekly losses are now at more than 17% according to CoinMarketCap. But an anonymous crypto enthusiast (@CryptoGucci) believes that all hope is not lost for Ethereum in a recent tweet thread.

Getting back on track soon?

The analyst sparks a conversation about Ethereum validators which increased by over 11.36K in September alone.

Ethereum now has over 429.6k active validators online. This late rise in the number of online validators marks a growing increase in investor confidence from the technical standpoint of the merger.

Source: Glassnode

Additionally, leading NFT marketplace OpenSea has now extended its support to Arbitrum. OpenSea announced this news in a tweet yesterday (September 20) claiming that users will now be able to buy and sell NFTs on the Ethereum Layer 2 solution.

NFTs will start moving on Arbitrum from September 21 without any delays.


Despite this optimism, the situation remains bleak for Ethereum and the crypto market as a whole. Leading crypto assets like BTC and ETH are still struggling in the market.

At press time, Bitcoin was trading below $19K, while ETH was available at around $1,330. Both tokens have jumped in the past day and continue to be influenced by macro factors.

The situation is similar for Ethereum traders in light of the price drop. The MVRV ratio for Ethereum is now down to -13.6% as profitability has decreased significantly over the past week.

This process was exacerbated by the massive post-merger selloff. Trader sentiment remains a key cog for any short-term recovery in assets that are currently in dire straits.

Source: Sentiment

Here’s another problematic aspect spotted on Ethereum today (September 21). According to the blockchain analytics platform GlassnodeEthereum’s median transaction volume fell to a low of 0.032 ETH.

This is a clear reflection of the declining state of Ethereum trader sentiment at the moment, with many looking to reduce their ETH exposure.

Source: Glassnode

Another worrying factor for Ethereum is the growing negative sentiment of the crypto community. According to the data below, we can see FUD stacking up despite the “hardly anticipated” Merge event. It looks like Ethereum is looking to end Q3 in a similar fashion to the previous quarter.

Source: Sentiment

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