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Ethereum traders who go long with a $4k price target may not know this

Ethereum’s upcoming merger may turn out to be the most anticipated event in crypto. The Ethereum community as well as enthusiasts of other networks have shown the same interest. But the question is – can the reality meet the expectations?

Betting on you

Cryptocurrency trader sentiment seems to be turning north after a series of corrections. That is, TRaiders enthusiasm to sale BTC and ETH in particular were lower as they saw positive gains over the weekend.

Notably, sell calls on crypto platforms have decreased significantly over the past week after prices continued to rise.

Source: Sentiment

Ideally, ‘Bulls actually wants to FUD When in doubt, prices have historically prospered to stay high,’ Satushta said added.

Now, moving to Ethereum, spot and derivative market flows appear more bullish than ever.

More traders are interested in trading Ether ahead of the Ethereum merger coming in September. The merger will see the network become a fully ‘proof-of-stake’ blockchain.

Interestingly, the September-end calls had the highest volume (129m and $112m) at the $4,000 to $5,000 level, respectively. That’s a bet ETH Doubling over the next six weeks, these positions approach breakeven.

Source: Messari

Even in the spot market, the data sets depict the same picture. It exhibited intense accumulation, aAddresses with more than 10 and more than 100 ETH Tick ​​up.

Source: Glassnode

The whales also participated in the good work. Consider this—the richest wallet on the Ethereum network has increased in value by nearly a billion dollars over the past 30 days on the back of strong ETH rallies.

According to blockchain tracking service WellStats, the whale known as Naruto went from a balance of just $1.98 billion on July 15 to more than $2.96 billion at the time of writing, a nearly 50% increase.

Analytical website Messari Said‘Spot accumulation can be a sign of crime ETH It can also be a play ETHW Airdrop.’

Countdown to lift

Well, Ethereum is witnessing significant traction ahead of the merger. From whales to even countries. Argentina has created the latest buzz.

However, for now, the reality is not entirely bullish. ETH, at press time, missed the $2k mark as the price continued to slide.

At the time of writing, ETH hovers around the $1.8k mark after experiencing a fresh 3% correction.

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