Increasing interest in Ethereum in anticipation of the improvement in investor sentiment and the transition to PoS has led to a rebound in the cryptocurrency market. CoinDesk writes that JPMorgan analysts came to this conclusion.

Experts He noted signs that the “heavy phase” of the shoulder clearance wave in long positions was complete.

In confirmation, they pointed to a reduction in the spread between stETH and ETH.

“May-June seems to have ended the maximum recession since 2018”The bank said in a statement.

Analysts noted the increased activity on the Ethereum network. They tied it to the Merge update scheduled for September 19.

Experts emphasized that the recovery in the market was not accompanied by an influx of funds into crypto funds. According to them, the driving force of growth is the activities of retail investors.

“Since the end of June, small wallets have seen an increase in Ethereum and Bitcoin balances due to larger holders”experts stressed.

Earlier, JP Morgan analysts noted that the cost of mining bitcoin has dropped to ~$13,000, which could be a negative factor for digital gold pricing.

Recall that in July, the bank’s strategists suggested that the worst was over for the crypto market.

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