Some members of the Ethereum community are taking measures to ensure that the price of the cryptocurrency drops below the most pessimistic forecasts, even as the rest of the community gets ready for the largest event in Ethereum’s history. Only a week ago, we ran a story predicting that the worst-case scenario for Ethereum’s price would be a drop to the $400 mark as a result of the market’s and the community’s reaction to the merge’s outcomes.
Tensions have arisen inside the network itself, since many users (including some with sizable sums of ETH) are very opposed to the idea of making the transition to the PoS consensus process. It has been speculated by a few prominent community members that a sizable number of ETH holders are getting ready for a hard fork to occur on or around September 15.
Some really serious things are happening behind the scenes while these news stories explode and cause a lot of commotion. It has come to the attention of analytical platforms that watch statistics of various crypto exchanges that certain holders of ETH are shifting their tokens to exchanges in what appears to be preparation for a massive dump on the market.
ETH is currently trading at $1540, although it hit a high of nearly $2000 as the Merge was at the center of attention. The $2K price is a major resistance level that was rapidly picked up by many analysts and huge traders who regard this as a signal that the asset would unlikely break through this barrier. The accumulation of ETH assets on exchanges, on the other hand, implies “disaster” for many long-term holders and those anticipating a bull run immediately following the event.
According to Santiment, the total value of ETH stored in wallets that aren’t linked to exchanges has decreased by 11%, while the value of ETH stored in the top 10 wallets on exchanges has increased by 78%. When the merger finally closes, these “whales,” as they are called, are expected to make significant sales. Investors who bet the farm on Ethereum could lose a lot of money if the market crashes and stays down for a long time. Yet, the big fish might want us to think they’re willing to part with their merchandise. In the end, only time will tell.