Ethereum Records Massive Network Usage Ahead of Merge Upgrade
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As a show of anticipation, the number of active addresses on the Ethereum network has jumped by about 10%, while the total amount of ETH tokens deposited on the ETH 2.0 contract has exceeded 13.7 million.
OKLink reports that the number of active addresses on the Ether blockchain has surged by 47,945 in the last 24 hours alone. Following the 10% increase, the total number of daily active addresses now sits at 536,586. The total count of active addresses on the network has maintained an upward surge in the last three days, highlighting a surge in on-chain activities ahead of the event.
Meanwhile, Ethereum staking on the Beacon Chain has also surged significantly. According to data from Glassnode, the amount of Ether staked on the Beacon Chain has exceeded 13.7 million, an aggressive 11.22% of the circulating supply.
Finally, the total amount staked on the ETH 2.0 contract has reached about $22 billion, while the total number of validators sits at 428,069.
Key Ethereum Levels to Watch — September 14
Though it suffered a bearish stint recently, ETH appears to be on an upward trajectory in the broader time frame.
The cryptocurrency recently fell to the trendline following reactions to the US CPI data yesterday but has reacted well with the trendline. Buoyed by the upward-facing line, Ether currently coasts around the $1,600 low support a few hours to the Merge.
As highlighted already, the Merge should introduce significant volatility for ETH and possibly trigger a surge. However, the critical target level for bulls is the $1,800 mark, followed by the psychological $2,000 figure. As excitement for the Merge peaks, the coming hours and days promise to be fiery for the market.
Meanwhile, my resistance levels are $1,600, $1,700, and $1,800, and my support levels are $1,500, $1,400, and $1,265.
Total Market Capitalization: $992.7 billion
Ethereum Market Capitalization: $195 billion
Ethereum Dominance: 19.6%
Market Rank: #2
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