Alarms Set, Time's Running Out! This Altcoin Has Reached a Crucial Point!

Time is running out, the largest altcoin has passed an important milestone. What are the expectations?

Cryptocurrency investors have been waiting for this moment for years, with little time left for major development after constant problems and delays. September will be a much more volatile month for the cryptocurrency markets. In particular, the Ethereum merger and the interest rate decision are expected to determine the direction of the market this month. So what critical point has Ethereum reached?

Ethereum (ETH)

As Merge approaches, Ethereum has reached an important milestone. Consolidation preparations are going very well on the network as ETH 2.0 deposit contracts continue to record all-time highs (ATH). Meanwhile, stablecoin activity on Ethereum is skyrocketing, according to a recent tweet by analytics firm Santiment.

In a recent tweet, analyst Ali Martinez claimed that Ethereum holdings have grown massively among ETH whales. Big investors holding between 1,000 and 10,000 ETH added more than 320,000 ETH to their wallets last month.

Ethereum (ETH) Data

ETH price is trying to hold on to the $1,500 level as Bitcoin rapidly dropped to $19,700 at the time of writing. Analysts attribute this to the trust in Merge, as wallets holding between 1,000 and 10,000 ETH receive $416 million in ETH. The drop in ETH price last week may mean more purchases by investors in this group. But not everything is rosy. Martinez claimed in a tweet that “Ethereum’s network growth hasn’t been this low in over two years.” The last time Ethereum saw new daily addresses this low was just under 50,000 in March 2020.

Historically speaking, the drop in new address creation on Ethereum tends to make a "steep price correction" over time.

Martinez also drew attention to critical supply areas. Nearly 600,000 addresses received 2.81 million ETH at the level of $1,475. The levels of $ 1,560, where 526 thousand addresses have 3.44 million ETH, and $ 1,335, where 412 thousand addresses bought 2.2 million ETH, can be followed as support.

Alarms Set, Time's Running Out! This Altcoin Has Reached a Crucial Point!

Merge will open up a bullish opportunity for Ethereum and related altcoins like LDO next month. However, the continuation of extraordinary market conditions, as they are today, will undermine this process.

Source: Fatih Uçar by coin-turk.com