As the date of the much-awaited Ethereum Merge comes closer, the excitement in the community is skyrocketing., which has been in the limelight for a few months now, also showed a promising performance last week by registering nearly 8% 7-day gains.
Though the majority of crypto enthusiasts believe that as we approach the Merge date, ETH’s price will gain steady upward momentum, several believe otherwise. Well, certain datasets and metrics indicate a possible plunge in ETH’s price ahead of the Merge.by Grizzly, an analyst, and author at CryptoQuant, pointed out the possibility of a price decline.
Ethereum’s exchange reserve increased over the last few days, which is a bearish sign. As past data suggests, such increases in the inflow into exchanges are generally followed by a price plunge.Similar episodes happened in May and June, which considerably declined ETH’s price.
Nonetheless, several on-chain metrics also showed bearish readings. Ethereum’s total active addresses have increased over the last week, but the concern is- most of them were sending addresses, which is a bearish signal.
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