Ethereum: What to expect from the leading alt in Q4 after Merge
The Ethereum Merge was considered the most anticipated event before 15 September. However, there is no use denying the fact that theMerge failed to positively impact the price Ether [ETH].
According to data from cryptocurrency social analytics platform LunarCrush, 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 Santiment.
However, following the event and a consequential death to its hype, ETH’s social activity witnessed a steady decline.
<p lang=«en» dir=«ltr» xml:lang=«en»>Remember this event? #Ethereum is not sustaining its rise in social activity since #TheMerge 2-weeks ago.What will it take for $ETH's social activity to surpass this event❓ pic.twitter.com/pHvCfwXpQC
— LunarCrush (@LunarCrush) September 30, 2022
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 CoinMarketCap showed.
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
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