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- Ethereum traces a comeback rally after The Merge updates.
- The Ninth shadow fork, leading upto the Merge, went live on July 14th.
- The second largest crypto currency rose by 12.76% in the last 24 hours.
The top altcoin seems to be tracing a comeback rally. Ethereum like other cryptocurrencies were experiencing the wrath of crypto winter for the past few weeks. At the time of writing, Ethereum was trading at $1,354.84 having gained 12.76% in the past 24 hours. This came as a response to its ninth shadow fork going live on July 14.
In addition, the token has also experienced an increase in its market capitalization. According to the data from CoinMarketCap, the market cap rose by 13% from 132B on 14 July to $162B at the time of the report.
The latest reports of the update on the Merge led to the favorable market condition for Ethereum. On July 14 at 00:00 (UTC), Ethereum’s Shadow Fork 9 went live. The launch comes under the team’s efforts to test the highly-awaited launch of The Merge.
CryptoQuant, a crypto analytical platform, reveals that the Ethereum Funding Rate seems bullish in comparison to values recorded in the recent past. The Funding rate stands at a value of 0.013. The figure indicates the dominance of traders holding long positions. It also suggests that they are also ready to grant short traders. Moreover, 78,240,923 short positions were liquidated in the last 24 hours. Showing bullish trend of ETH’s price surge.
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Meanwhile, the ‘Taker Buy Sell Ratio’ of Ethereum has bullish indications for the ETH market. Currently, it sits at the value of 1.08. It means takers are offering more buy orders. Furthermore, the Open Interest of Ethereum (OI) has also increased by 12% in the last 24 hours. This points towards the increasing attention in the market and more liquidity.
The much-anticipated Merge is scheduled for September this year. However, due to some unforeseen circumstances or any internal issue, a change of date would be no surprise.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
