די עטהערעום צונויפגיסן was considered the most anticipated event before 15 September. However, there is no use denying the fact that the צונויפגיסן failed to positively impact the price יטער [ETH].
According to data from cryptocurrency social analytics platform לונאַרקרוש, the hype that surrounded the Merge before its implementation caused ETH’s social activity to rally. In addition, for several months before the Merge, the term “Merge” trended as the most mentioned term, according to data from סאַנטימענט.
However, following the event and a consequential death to its hype, ETH’s social activity witnessed a steady decline.
Remember this event? # עטהערעום is not sustaining its rise in social activity since # די מערדזש 2-weeks ago.
What will it take for $ עטה‘s social activity to surpass this event❓ pic.twitter.com/pHvCfwXpQC
— LunarCrush (@LunarCrush) סעפטעמבער קסנומקס, קסנומקס
The price of the leading alt has not been spared from the decimation. ETH opened Q4 at $1,326.30 and with a 24% drop since the Merge, data from קאָונמאַרקעטקאַפּ געוויזן.
ETH on-chain: what to expect in Q4
Holders spent most of Q3 sending ETH into exchanges. Data from Santiment revealed a rally in the alt’s supply on exchanges within the three-month period. Interestingly, from 15 September, this metric quit its upward rally and embarked on a journey towards the south.
This meant that prior to the Merge, ETH holders took to coin distribution. This was due to the uncertainty surrounding the event’s success.
However, following its successful completion, coin accumulation resumed. Additionally, the quantum of ETH sent into exchanges also gradually declined.
With a continued decline in ETH’s supply on exchanges, the price of the alt is expected to see an upward reversal in Q4.
However, ETH shared a statistically significant positive קאָראַליישאַן מיט ביטקאָין [בטק], an asset many believe to have yet touched the bottom of the current bear market cycle.
מקור: סאַנטימענט
Furthermore, as revealed by the Mean Dollar Invested Age (MDIA) metric in Q3, previously dormant ETH coins started moving addresses a month before the Merge. While a fall in an asset’s MDIA suggested significant activity on its network and was a precursor to a price rally, the reverse was the case for ETH.
As the MDIA fell (showing increased activity), the price per ETH also dropped. In the three weeks leading up to the Merge, ETH logged consecutive אַוטפלאָוז as investors feared that the Merge would fail.
Furthermore, dormant coins moving addresses might have been investors sending the long-held ETH out of their wallets.
Following the Merge, the MDIA began on an uptrend suggesting that dormancy once again returned to the ETH network.
מקור: סאַנטימענט
As the whales flip out
The impact of whale accumulation instigating the price of ETH cannot be overstated. According to data from Santiment, key whales holding between 10,000 to 1,000,000 ETH coins gradually reduced their ETH holdings a few days before the Merge.
With a decline in the broader financial market and a consequential decline in the cryptocurrency market, these whales witnessed no incentive to return. Furthermore, the responsibility to drive up the price of ETH then rested on the shoulders of asset retailers.
מקור: סאַנטימענט
At press time, buying pressure had waned on the daily chart, making any significant short-term price rally increasingly unlikely.
Source: https://ambcrypto.com/ethereum-eth-what-to-expect-from-the-leading-alt-in-q4-after-merge/