The Ethereum blockchain is expecting one of the most significant updates since as it transacts from its current proof-of-work mining consensus to a proof-of-stake (PoS) one. Amid the approach of this promising update, whales are moving their ETH to exchanges before the final date which could be something to consider significantly before the Merge happens.
The increase in the amount of ETH being moved to exchanges and a decline in holdings in the largest ETH wallets has shown that whales are moving ETH to exchanges.
After the announcement of the Merge date, ETH price saw a bullish surge in July with its price rising to a high of over $2000. Now with the approach of the Merge, the bullish trend seems to be declining as well as the holdings of a significant number of ETH whales.
While many expect the act to have a positive effect on the price action, others believe it would not have a huge impact as the Ethereum Merge date has been announced for so long now.
The exact date for the Merge is scheduled to be September 15 has caused a 78% increase in on-exchange whale addresses of Ethereum.
That being said, many market analysts believe the Merge will be a propaganda. That basically means that if good news is going to happen for the asset, the price or the number of users who buy or sell ETH will often move higher in anticipation of that date, but not necessarily after.
Immediately following confirmation of the Merge date, the market rallied, but a price decline may follow.
A significant milestone has been reached for Ethereum on Sept 15; however, the Merge will only result in a change in mining consensus with key benefits such as higher transaction capacity, cheaper gas fees, and lowered energy consumption after the third phase has been completed.