Cryptocurrency

ETH, Lido rally following update on Ethereum’s Merge as markets turn green


Flagship digital assets Bitcoin (BTC) and Ethereum (ETH) are in the green as their values rose to over $22,000 and $1,400 in the last 24 hours.

According to data from Coinglass, over $300 million in short positions were liquidated because of the mini-rally of these assets.

In the last 24 hours, Ethereum liquidated $210 million in short positions against it, while Bitcoin liquidated $71 million.

Ethereum has been on a green run since developers revealed that its highly anticipated Merge is set to occur on September 19.

Ethereum’s price has risen by over 25% in the last seven days.

Glassnode data showed that the number of addresses holding more than 32 ETH had reached a 16-month high.

The number of wallets holding at least 100 ETH has also risen to a 15-month high of 45,081, Glassnode said.

Lido is up by over 170% in 7 days

Lido DAO Token (LDO) has risen by over 170% in the last seven days as interest in the coin grows on the back of the timeline for Ethereum’s Merge.

In the last 24 hours, LDO’s value has dropped by 3%. But that did not stop it from trading at its highest value in the last 30 days at $1.82.

LDO’s transaction volume spiked by over 21% in the last 24 hours.

Source: TradingView

The coin’s trading chart showed that its relative strength index (RSI) is above 70, which means it is currently overbought — indicating that it may be ready for a short-term pullback.

Lido’s dominance of staked Ethereum remains unshaken as over 4 million units of ETH have been staked via the protocol — one-third of the total staked ETH.

As of press time, the USD value of  Ethereum staked via Lido is over $6 billion.

 

Posted In: Ethereum, Analysis





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Oluwapelumi Adejumo
Oluwapelumi Adejumo

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