Ethereum whale transactions peak at 2-month high amid Goerli testnet merger

Goerli had testnet Successfully connected to the Proof-of-Stake (PoS) network, marking the final step before Ethereum’s mainnet transition. A successful final testnet connection means the planned mainnet transition on September 19 can go ahead as planned.

Goerli is the third and final testnet after Robston and Cepolia, which performs Ethereum’s final walkthrough before officially transitioning to the PoS network.

The PoS Merge is considered one of the most important updates since the inception of the Ethereum blockchain, and the positive sentiment behind the event has begun to be reflected in the price of the altcoin. Ether of own sign (ETH) has more than doubled in price since dropping to $885 in June 2022.

ETH prices rose above $1,919 on Thursday along with the rest of the crypto market after the government released consumer price index data, which was lower than expected.

ETH outperforms Bitcoin (BTC) records a double-digit surge in terms of daily gains. Data from crypto analytics firm Sentiment revealed that the price momentum was aided by whale transactions worth $100,000 or more. The increase in whaling trades comes amid a growing hoarding of whales.

ETH Whale Exchanges Hit Two-Month High: Sentiment

ETH also recorded recent growth in capital inflows into Ethereum-based institutional investment funds. These are Enterprise Products raised $16.3 million from investors During the week ending August 5. Similar funds for bitcoin saw $8.5 million worth of capital exit during the same period, indicating a growing sense of enthusiasm among institutional investors.

Related: 3 Signs Ethereum Price Will Head Towards $2.5K By September

With the mainnet merger less than a month away, ETH prices are rising on the back of the convergence of leading crypto platforms. The market is using “buy on the rumor, sell on the news” as the ETH price has started to rise in anticipation of a successful reversal and traders “could see a significant price correction after the September upgrade as traders start to sell on the news.” “