ETH, Lido rally following update on Ethereum’s Merge as markets turn green
Ethereum, Lido have been on a green run since it was revealed that the Merge could happen on September 19.
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.
Previous 15-month high of 45,069 was observed on 13 July 2022
— glassnode alerts (@glassnodealerts) July 18, 2022
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.
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.
As of press time, the USD value of Ethereum staked via Lido is over $6 billion.
📰 Summary 📰
– Positive growth in liquid staking across all networks.
– ETH staking with Lido remains behind industry average due to stETH market discount.
– Lido ecosystem remains growing despite the tumultuous DeFi times.
— Lido (@LidoFinance) July 15, 2022