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Ethereum (ETH) shows a bullish on-chain metric as it counts down the past few hours until it merges with a proof-of-stake consensus mechanism, according to crypto analytics firm Santiment.

Saniment Remarks that Ethereum’s Network Value to Transaction (NVT) model is in “its best state in 16 months”.

“We are officially less than two days away from the big Ethereum meltdown, and on-chain metrics look positive for the #2 market cap asset. According to our NVT model, the ratio of the single ETH moved to the The network’s current market cap is at its best in 16 months.

Source: santimentfeed/Twitter

NVT describes the relationship between transfer volume and market capitalization.

Ethereum is trading at $1,576 at the time of writing and is down almost 7% in the last 24 hours. Ethereum’s Proof-of-Stake merger is currently scheduled for Wednesday evening, according to infrastructure company Web3 native block.

Healing too warns that the massive upgrade might have a downside in terms of ETH price.

“With the Ethereum merger taking place this week, we are seeing mentions related to the monumental event are very high across social platforms. As traders anticipate the inevitable volatility in ETH, watch for big social spikes in the FOMO, which coincide with declines.

Source: santimentfeed/Twitter

The crypto-analytics firm has also Remarks that Bitcoin is (BTC) the profit-to-loss trading ratio hit its highest level since March. Santiment says traders viewed Bitcoin’s price rebound earlier this week “as the trigger to start trading again.”

Source: santimentfeed/Twitter

Bitcoin is trading at $20,178 at the time of writing. The top-ranked crypto asset by market capitalization is down nearly 10% in the past 24 hours.

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