预计以太坊合并将在 9 月 10 日至 9 月 20 日之间进行。合并将标志着将以太坊的工作证明算法更改为股权证明的扩展过程的结束。从基本面的角度来看，合并是今年最受期待的区块链和加密货币事件。
The merger is expected to take place between September 10 and September 20. The merger will mark the end of the extension process in which the algorithm will be changed to prove equity. From a fundamental point of view, the merger is the most expected block chain and encrypted currency event this year.
如果发生在牛市期间，现在的 ETH 市场可能会出现投机狂潮和巨大的波动。
If it happened during the cattle market, the current ETH market could be characterized by a speculatory tide and huge fluctuations.
尽管 6 月至 9 月录得强劲涨幅，但以太币的交易价格仍比 2021 年 11 月以来的历史高点 4,950 美元低了约 70%。因此，它仍有下降的机会。
Despite a strong increase recorded between June and September, the price of the Ether is still about 70 per cent lower than the historic high of $4,950 since November 2021. As a result, it still has the opportunity to decline.
根据 Glassnode 收集的 Deribit 统计数据，以太坊期权交易员预测，在合并之前，以太币的价格将从目前的 1,540 美元上涨至 2,200 美元。一些人甚至预测 5,000 美元的价格，但自从过渡到 PoS 后，兴趣似乎已经减弱。
According to the Deribit statistics collected by Glasnode, the taupulega traders predicted that before the merger, the current price of $1,540 would rise to $2,200. Some even forecast the price of $5,000, but the interest seems to have diminished since the transition to Pos.
交易员正在审查合并后的风险
Dealers are reviewing post-merger risks.
所谓的“期权隐含波动微笑”统计数据表明，合并后的交易者正在寻求下行保护 (OIVS)。OIVS 使用特定到期日的各种行使价来证明期权的隐含波动率。因此，资本外合约的隐含波动率通常较高，反之亦然。
The so-called “occupancy smile” statistics show that consolidated traders are seeking downside protection (OIVS). The OIVS uses various prices at a given maturity date to demonstrate the implied rate of volatility of the options. Thus, the implied rate of volatility in the out-of-capital contract is usually higher, and vice versa.
例如，交易者可以检查期权的相对成本，并通过检查下面以太坊 9 月 30 日期权到期图表中微笑的陡峭程度和形状来确定市场定价的尾部风险。
For example, traders can check the relative cost of options and determine the end-of-the-market risk by examining the size and shape of smiles in the court's September 30 date maturation chart.
因此，波动率微笑的上升斜率表明买方对 9 月到期的 ETH 看涨期权有大量需求，交易者愿意为长期敞口支付溢价。此外，如下面的 OIVS 图表所示，该图表还显示了不同执行率的看涨期权和看跌期权。
Thus, the upward slope of the smile on fluctuations indicates that the buyer has a strong demand for the ETH watch options that expire in September, and that traders are willing to pay premiums for long-term exposures. In addition, as shown in the OIVS chart below, the chart also shows the right to see the increase and the right to see the fall of different implementation rates.
Glassnode 分析师表示：“合并后，左尾定价显着更高的隐含波动率，这表明交易员正在为合并后的卖出新闻的看跌期权保护支付溢价。”
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