Ethereum Price Indicators Point at Buy Despite Sell-Off After Merge

Currently, open interest in ETH futures stands at $6.87 billion. And although the asset’s price has dropped since the Merge, it would appear that most of the derivatives volume trading occurred after the transition. Data reveals that block trades have still made up about 40% of the asset’s trading volumes after the Merge, although volatility in trading has also fallen. 

Macroeconomic Forces Continue to Weigh on Crypto Prices

Institutional demand on the rise should give investors confidence in the future of ETH’s price. However, it is worth noting that the market isn’t in the healthiest of shapes. The Merge was heralded as a possible catalyst for price gains, but it has not had the desired effect on coin prices. 

With the dollar continuing to gain strength against other major currencies, crypto prices have declined significantly. The crypto market has declined by 5.76% in the past 24 hours, and most major coins are on a bear run. 

This week, the market will be anticipating the Bureau of Economic Analysis’ release of a report on personal spending and consumption. The report will reveal how much inflation has affected Americans’ spending and consumption habits. 

With inflation for August hitting harder than analysts expected, the consensus is that personal spending should slip into negative territory - the lowest levels in the year. If this happens, the dollar’s rise could be stalled, presenting an opportunity for cryptocurrencies to rebound. 

Tamadoge: The Perfect Option for Value-Seeking Investors

With the market still in an uncertain position, investors may be on the lookout for long-term gains. One of the coins that could provide an opportunity for this is TAMA. 

TAMA is the native token for Tamadoge. The platform combines non-fungible tokens (NFTs) with meme coins, allowing players to buy digital pets represented by NFTs and breed them. The objective is to battle these pets with those of other players and earn rewards in TAMA. 

The TAMA presale was a massive success; TAMA raked in $19 million in eight weeks. Now, investors can purchase the token on the OKX exchange. A 24-hour trading volume of $4.36 million shows massive investor interest, especially for such a new coin. And with the full Tamadoge platform expected to launch before the end of the year, TAMA provides a wealth of profitability opportunities for investors. 

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