Crypto analytics firm Santiment evaluated the performance of Ethereum before Merge.
Santiment discussed the trajectory of the smart contract platform prior to Ethereum’s transition from proof-of-work algorithm to proof-of-stake.
After Ethereum’s final stage on the testnet, the asset’s value rose above $1,900. Ethereum developers have announced that the expected upgrade will take place on September 15-16.
Crypto Analytics Firm Takes On Ethereum
Santiment evaluated the overall performance of both Ethereum and altcoins. Despite the rally, investors are not enthusiastic enough to risk a crash, according to the company.
“Ethereum’s 80% price increase has made a huge splash in the last 30 days. However, there is no great enthusiasm, which is a sign that things can get better.”
Santiment made two separate observations about the asset and stated that Ethereum could continue to rise.
“Ethereum is above $1,880 after the CPI announced on Wednesday.
Ethereum’s highs this month came with two large ETH transactions above $100,000. This shows that whales are accumulating ETH.”
At the beginning of the week, the analytics firm pointed out that Ethereum reached its best level of the year, reaching an average of more than 546,000 daily active addresses last month.
“Ethereum broke above $1,800 for the first time in two months. With the ever-increasing number of addresses transacted on the ETH network, continued improvement will depend on the relatively stable continuation of Bitcoin and the easing of FOMO.”
Ethereum is trading at $1,990 at the time of writing, according to CoinMarketCap data.
