10x Research: ETH/BTC exchange rate drops 37% since Ethereum merger on September 15, 2022

10x Research said in its latest market analysis that the ETH/BTC rate has fallen by 37% since the Ethereum merger on September 15, 2022. The rate has repeatedly encountered resistance at the upper boundary of the descending channel and found support near its lower edge. In anticipation of the release of US CPI data this week, we observed a rebound in the rate, possibly driven by short covering. Ethereum developers continue to advance scaling solutions, focusing mainly on aggregating transactions to improve efficiency, with a target of 100,000 transactions per second, while also working on improving user experience and network efficiency. Account abstraction is set to introduce smart contract wallets to make the platform more user-friendly and reduce transaction costs. In addition, achieving single-slot finality will greatly speed up block finalization and improve network performance. Previous upgrades, such as Merge and Dencun, had little impact on the price of ETH. Instead, its value is still mainly driven by macroeconomic factors such as inflation.