How Ethereum’s “Consensus-layer Call 90” Decryption Affect ETH Price?

The latest Ethereum Consensus Call has been released, including important network announcements and progress towards Merge.

Merge is waiting to be released

Christine Kim, a research associate at Galaxy Digital, briefed on the latest Consensus-layer Call held on June 30. The meeting featured several core Ethereum developers discussing the latest developments on the network.

The main news regarding the activation of Sepolia. Kim confirmed the Merge activation on Sepolia could happen on July 3rd. Sepolia will be the second of three public testnets running Merge. After Sepolia, the developers were left with only the Goerli testnet before moving to the Ethereum mainnet.

The summary also states Ethereum has an 8th mainnet shadow fork to test the upcoming Merge. Developer Marius Van Der Wijden mentioned the smooth transition of the Gray Glacier hard fork.

No major issues were detected prior to the transition to Proof-of-Stake.

How is the on-chain situation?

With the developments mentioned above, it is time for investors to be aware of all the on-chain developments taking place on the Ethereum blockchain.

The metrics on the Ethereum network signal a worrisome trend despite recent improvements. ETH suffered a lot during the crypto crash in June and is at risk of going down again. This has been well reflected in on-chain indicators.

Ethereum’s MVRV rate is down from the level observed on June 25. But on a broader scale, there has been a significant improvement from the crash peak. Overall, this is still an underperforming metric on Ethereum.

Another relevant variable is the social dominance rate which continues to show limited gains. Around this time, discussions on social networks related to Ethereum became less and less. However, the index started pumping after July 2nd. It is clear that the development activity is reaping the rewards.

One glimmer of hope among the research indicators is ETH accumulation. The number of addresses holding more than 100 coins hit a 14-month high of 44,449 on July 2. This is a clear sign of a “buying dip” that has revived investor confidence in ETH.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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