What Phemex Users Really Think About The Ethereum Merge

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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? 

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?

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?

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.

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

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?

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?

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?

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

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?

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

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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