Ethereum transactions have reached a 2-month high of $1,919 as institutional investors saw weeks of inflows amid the Goerli testnet merger.
The transfer from Ethereum’s testnet to the mainnet was successfully completed with the merger of the Goerli testnet into the proof-of-stake (PoS) network. The mainnet transfer scheduled for September 19 may occur as planned as a result of the triumphant last testnet merger.
After Ropsten and Sepolia, Goerli serves as Ethereum’s third and last testnet before switching officially to the PoS network.
Since the Ethereum blockchain’s birth, the PoS Merge is regarded as one of the most important developments, and the positive attitude surrounding the event has begun to influence the altcoin’s price. Since bottoming out at $885 in June 2022, the native token Ether (ETH) has more than doubled in value.
Along with the rest of the cryptocurrency market, the price of ETH increased to above $1,919 on Thursday after the government announced consumer price index data that turned out to be lower than anticipated.
Regarding daily gains, ETH surpassed Bitcoin (BTC), recording a double-digit increase. Data from the cryptocurrency analytics company Santiment showed that whale transactions over $100,000 or more contributed to the price surge.
In the midst of an increasing whale population, whale transactions have increased. A significant increase in money inflows into institutional investment funds using Ethereum was also noted by ETH.
On August 5, investors invested $16.3 million in these institutional products. Similar Bitcoin funds experienced $8.5 million in capital outflows during the same time frame, indicating an increasing bullish sentiment among institutional investors.
With just over a month till the mainnet merger, the price of ETH is on the rise as major crypto platforms support the Merge.
The market appears to be using the strategy of “buy the rumor, sell the news,” where the price of ETH has started to rise in anticipation of a smooth upgrade and may experience a significant price drop following the changeover in September when traders may begin to “sell the news.”
