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What Phemex Users Really Think About The Ethereum Merge

Author: Alan W. Date: September 6, 2022

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The Ethereum Merge update has been dominating the cryptosphere for the past several weeks, and it’s ramping into gear as we proceed to the first mainnet upgrade. The community has been speculating on Ethereum merge news and a potential Ethereum split, along with ramifications for the network after it transitions fully to proof-of-stake.

Recently, Phemex surveyed over 400 active users to see what they anticipate regarding Ethereum Merge and how the market will react. See our survey results and analysis below and get an honest, unfiltered idea of what investors just like you are thinking right now in terms of the Ethereum upgrade.

Question 1: Do you believe the ETH Merge will occur in mid-September 2022 as currently planned? 

Will ETH Merge will occur in mid-September 2022 as currently planned

76% of you believe that the Ethereum Merge update will finally occur as planned this month, with no more notorious delays.

Question 2: How do you think ETH price will move as we get closer to ETH Merge?

How will ETH price will move as we get closer to ETH Merge

Nearly half believe that the anticipation of Merge is bullish for ETH, but around 45% of you think ETH price will not end up changing much leading up to the update.

Question 3: How do you think ETH price will move immediately after the Merge?

How will ETH price move after the Merge

A big majority (~65% total) think that ETH price will increase after the Merge. If you agree, remember you can always buy ETH on Phemex with a credit card or trade for it on our spot market.

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Question 4: Do you believe the ETH Merge will be successful on a technical level?

Will ETH Merge be successful on technical level

Close to 90% of you think that the Merge will be completed successfully. Bullish!

Question 5: Are you doing more crypto trading than usual because the ETH Merge is coming soon?

More crypto trading due to Merge?

Despite strong sentiments regarding the Merge, most Phemex users are still maintaining their usual trading strategy and not increasing exposure solely due to the update.

Question 6: What do you think will happen during the Merge update?

What will happen to ETH network after Merge

Users are divided regarding the potential Ethereum split, with slightly more believing that no major forked chains will persist.

Question 7: In the long term, how do you believe other smart contract layer 1 networks (ADA, SOL, AVAX, NEAR, etc.) will be impacted by the ETH Merge update?

How other layer 1s will be impacted by the merge

Although ETH2.0 is touted to improve Ethereum scalability, the majority of Phemex users believe that other layer 1 networks will still have a place in the crypto ecosystem.

Question 8: If you answered “Most will become obsolete and some will continue to grow”, please tell us which networks will become obsolete or grow and why?

Survey answers to question 8 regarding other layer 1s

Question 9: Do you think Ethereum will be classified as a security by regulators after the Merge?

Survey answer to whether regulators will come for ETH

More than 80% of you think that regulators will come for Ethereum sooner or later, and almost 50% of you think it will get classified as a security.

Question 10: After the ETH Merge, what area of the blockchain industry will you be most excited for?

Survey answers on what area of crypto users are most interested in

Supplementary breakdown on what areas of crypto users are interested in

Question 11: In the long-term, do you think the Merge can cause Ethereum to “flip” or surpass Bitcoin in market capitalization?

Do Phemex numbers think ETH will eventually flip BTC

Despite Bitcoin being the major point of interest, a whopping 60% of respondents believe that Ethereum can eventually flip Bitcoin in market capitalization, due in large part to the Merge.

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