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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why Ethereum Price Is Unlikely To Dump After “The Merge”

Reynaldo Marquez
Reynaldo Marquez
2 years ago
3 mins read
Ethereum price ETH ETHUSDT

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The Ethereum price is rallying above critical levels as “The Merge” is on the horizon, the bullish momentum might receive a fresh push and finally take ETH north of $2,000. In the meantime, market participants are speculating about the immediate future of the second cryptocurrency by market cap.

Related Reading: Cardano On White House Crosshair Can Push ADA Up This Route

At the time of writing, Ethereum’s price trades at $1,710 with a 4% loss in the last 24 hours and a 9% profit over the last week. After weeks of leading the market, ETH is underperforming Bitcoin. The number one cryptocurrency records an 11% increase in 7 days.

For a deeper dive into the Bitcoin price and its potential bullish signals, check out our video below where our Editorial Director Tony Spilotro makes the case for the formation of a bottom with massive potential for appreciation, similar to 2020.

Who Is Most Likely To Sell After “The Merge”?

The market is seemingly divided on “The Merge”, the event that will complete the ETH transition to a Proof-of-Stake (PoS) consensus. Some expect the Ethereum price will operate under a “buy the rumor, sell the news event”, other are betting on a bullish continuation.

In a recent report from on-chain analytics firm Nansen, looking into the top ETH stakers ahead of “The Merge”, the staking dynamics, and its impact to affect the Ethereum price, there is a forecast about a potential negative impact on the cryptocurrency from stakers.

Nansen rules out any short-term bearish influence from these investors as the ETH currently locked on the Beacon Chain, the PoS blockchain, will be illiquid for a portion of them until the implementation of the Shanghai upgrade in 2023. This update will allow stakers to withdraw their funds.

Illiquid stakers are those that send their ETH to the Beacon Chain in 2020, they can’t withdraw their funds for an undefined period of time, and liquid is those using Lido and similar solutions to stake their funds and receive the rewards.

Of this group, Nansen believes illiquid stakers are less likely to sell after the Shanghai upgrade in 2023 if the price remains above $600. There is around 1 million ETH locked at that price which could “dripped not the market”.

In that sense, the report claims around 71% of all ETH used to secure the PoS blockchain was staked at a loss. Nansen claims 18% of “all staked ETH at present belongs to illiquid stakers that are in profit, the category most likely to sell once they are able to unstake”.

However, Nansen is not expecting this selling negatively impacts the Ethereum price or to put massive selling stress on the crypto market. This factor could operate as another bullish fundamental for an Ethereum price post “Merge”.

Ethereum price ETH ETHUSDT
ETH’s price with minor profits on the 4-hour chart. Source: ETHUSDT Tradingview

Whales Accumulate Ethereum In 2022

In addition to a possible low long-term negative impact on the Ethereum price, Nansen noted an increase in the amount of ETH millionaires and billionaires. These addresses have been labeled by the on-chain analytics firm as individuals and not smart contracts or exchange platforms.

The report claims that these large players have “consistently been stacking Ethereum since the beginning of this year”, despite the bearish price action. As seen in the image below, the trend has persisted and spiked in August and September this year.

Nansen Ethereum Price ETH ETHUSDT
Whales accumulate ETH in 2022. Source: Nansen
Related Reading: Crypto Traders Bleed Heavily After Betting Against Market

Will tris accumulation positively impact the market or are these whales accumulating to dump ETH shortly after “The Merge”?

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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