As the Federal Open Markets Committee meeting concluded a brutal Consumer Price Index report, the crypto markets responded in a similar fashion. The top-ranked altcoin,According to CoinMarketCap, Ethereum was trading just above $1,600 after seeing a 6.4% slide on 13 September. This drop has effectively halved Ethereum’s weekly gains from the Merge anticipation.According to Santiment, the ratio of ‘ETH being moved’ and its market cap metric is in its best shape in 16 months.
According to the latest data, Exchange Net Flow for Ethereum has just reached a one-month high of 13,099.39 ETH. This presents a growing conundrum in the Ethereum community as many investors are beginning to reduce their exposure to the upcoming Merge.Despite the accumulation of major losses as of 14 September, the Merge is set to release on the Ethereum mainnet. According to the blockchain information portal,Furthermore, the current block height is 15531808. The latest block comes from Hiveon and the current difficulty is 12.03PH. There are less than 5,445 blocks left, the progress has reached 99.89%.
Meanwhile, the founder of crypto trading platform BitMEX, Arthur Hayes, believes the Merge can “overcome” a negative macro environment. In aHe further added, “I have bought calls for $3000 by the end of the year.” This emphasizes the confidence the likes of Hayes hold in the ETH transition to Proof-of-Stake .Subscribe to get it daily in your inbox.
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