- Price of ETH slightly recovered in the wake of the upcoming PoS merge.
- Besides, ETH 2.0 staking also increased by 11.17%
- But, the on-chain metrics of ETH is low for the past three months.
As Ethereum prepares for the Proof of Stake (PoS) merge, which will be launched on September 15, the price of ETH slightly surged by 1.25% in the past 24 hours. This made the coin tap at $,1600, at the time of writing.
The second largest coin by market cap went through a major selling pressure last week, with its price registering at a $1,525 low. Although the current price is nearly 5% high compared to the $1,525, the coin has been trading 17.4% down in the past seven days.
Besides the price surge, ETH 2.0 staking rate has also hiked by11.17%, as reported by blockchain explorer OKLink.
The number of ETH 2.0 staking addresses has reached 13,343,769, and over 36,000 ETHs have been added every week. Also, since August, 153,000 new ETHs have been staked.
However, the on-chain metrics of ETH is also down for the past three months. This is reportedly due to the declining interest in NFTs and DeFi. On August 18, crypto analyst Scott Melker discussed the ETH on-chain activity prior to the merge, by referring to the data provided by IntoTheBlock.
He points out that total fees on the ETH network has dropped by 48% in the last 90 days, and net issuance of ETH has increased 3%in the last 90 days. Also, the average transaction paid by users in the network has decreased 50%, from $5.2 to $2.6, in the last 90 days.
Moreover, Melker puts focus on ETH burned indicator in the last 90 days: a total of 241k ETH has been burned, the daily amount of ETH burned dropped over 50%, and the percentage burned of total fees has dropped approximately 6%, due to the diminishing network activity.
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