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Top Crypto News Today: ETH Slumps 5% to $1800

Top Crypto News Today: ETH Slumps 5% to $1800

What is Happening with ETH Price?

The Ethereum blockchain has been busy for a while. With the ongoing merge, one of the top crypto assets, Ethereum, has been seeing a massive interest from the crypto enthusiasts all around. The ETH price has slipped almost 6% since Saturday after hitting the $2000 mark for the very first time since May 2022. However, the crypto asset is running at $1879 at the time of writing, i.e. August 16, 2022. 

The latest price action within the ETH ecosystem managed to stay close to the $2000 mark over the weekend, hitting the value of $2,022 on Sunday, before the sharp price decline since Monday. Irrespective of the sharp fall in ETH’s value, the OG asset maintained a good value period over the last week. Ethereum saw a 7% rise in value in the past week which according to analysts made it one of the best-performing coins of the week among the ten largest crypto assets of that time span.

Additional Read: What is Ethereum 2.0?

Latest News on Ethereum

ETH Whale Transfers 145,000 ETHs to Different Wallets

One of the Ethereum wallets, owned by an ETH whale, that participated in the genesis initial coin offering (ICO) and had obtained about 150,000 ETH in the year 2014, was activated after all this while on August 14, 2022, after three years of staying absolutely quiet. This particular whale address interestingly transferred 145,000 ETH to multiple wallets. The whale took advantage of ETH when the price of Ether surged to a new three-month high and went over the $2,000 mark during the weekend. According to the CoinTelegraph report, these transfers were made in batches of 5,000 ETH, with a few transfers of over 10,000 ETH. The total value of the transferred Ether is over $280 million, and the wallet address currently has a balance of 0.107 ETH.

The news also reported that according to a few commenters, even if the whale eventually decides to dump their 145,000 ETH, a $250-million selling pressure isn’t considered significant enough to initiate a market dump. While some of them are worried about the effect of a sudden dump of 145,000 ETH may have on the markets, a few others believe that this is the way for the whale to try to stake their ETH and become a validator on the PoS network to generate passive income!

Read the whole news on CoinTelegraph

One Month to Go for The Merge

The surge in ETH’s value in the past couple of weeks has been taking place owing to the anticipation of the merge within the crypto community. The Merge will see the network move from its current energy-intensive proof of work (PoW) consensus mechanism to proof of stake (PoS).

With the third Testnet, i.e. the Goerli Testnet, that went live past week, the ETH network saw a 14% increase in value. Now that all the testnets are done, meaning that the Ethereum network’s shift from PoW is complete, the Merge is entering its final stretch of preparatory work.

Additional Read: Ethereum Merge

Previously, during the Sepolia testnet, the ETH developers expected that the Merge event would be completing all its remaining steps to take place around September 19. That changed to a new tentative date of September 15, with developers setting the terminal total difficulty (TDD) last week; after the early execution of the Goerli Testnet.

Source: CoinTelegraph

Other than the events taking place within the ETH blockchain, Bitcoin Price saw a surge and was running at $25000 during the weekend, however it was a dip in the last 24 hours and is currently running at $24000!

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