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The cryptocurrency market has been celebrating for several days now. If the hypothesis of another trap cannot be ruled out, Ethereum continues on its cheerful path. With a stated purpose $ 2000 brand ! Is this a possible short-term goal? Let’s take a closer look!
Ethereum is overtaking the market!
If the cryptocurrency market has shown iron health in recent weeks, Ethereum shows even higher returns. Because at the latest Fed meeting and its positive impact on risky markets, ETH adds an increasingly tangible perspective of The Merge and the transition from Proof of Work to Proof of Stake.
From the moment of his love at first sight less than $ 900, the token nearly doubled its price. If we look only at the last 30 days, the price of Ethereum will rise by almost 60%. This is the biggest leap in the top 10 cryptocurrencies.
Among the major altcoins, only Polygon performs better: + 80% per period. Ethereum Classic, a fork of the Ethereum blockchain, does not seem to fall into the category: + 64% for the week and + 180% in the last 30 days. Upfront, which allows the project to integrate into the top 20 largest by market capitalization.
Cryptocurrencies are a risky investment.
👉 Check out our Ethereum buying guide for more information.
What lessons can be drawn from technical analysis?
When he flirted with $ 1500, various indicators have marked a resistance level near $ 1,650. The equation was simple then: If ETH manages to break through this upside resistance, the upside could continue to $ 1,850 and trigger a consolidation phase in the $ 1,750 to $ 1,950 range.
Currently, Ethereum’s price has yet to test this $ 1,850 level. ETH remained below $ 1,800 after another breakout yesterday afternoon, according to data from the Coinmarketcap platform. Obviously, in the next few hours, it cannot be ruled out that the asset will try to break through this resistance. over $ 1800.
Is it better to stick with the token price of $ 2,000? It is difficult to confirm or deny. At the moment one ETH is trading at $ 1723.56.. An increase of 6.59% in the last 24 hours of the cryptocurrency market, which grew by 5.06%.
Merger as a magistrate?
If there have been good sessions in the cryptocurrency market in the past few days, this is partly due to external events. If the Fed has just raised interest rates again by 75 basis points, strictly in line with market expectations, then this is primarily a stance. United States Federal Reserve which was rewarded by the market. An attitude that wants to adapt to market conditions in real time. Risky markets were also positively impacted by the publication of GAFAM’s quarterly results. Encourage results to reappear in digital assets like Bitcoin or Ethereum.
But for Ethereum to rise above $ 2,000 again, internal elements of the blockchain, such as the blockchain, may also be needed. Merger. The migration, scheduled for September 19, has once again excited the crypto community. Before that, the final merger of the test network is scheduled for August 11.
If successful, it can form trigger for a return greater than $ 2,000. But the argument is obviously reversible. If there is any further delay, the market could apply hefty penalties against Ethereum. Either way, the next few days should help us better understand the prince of cryptocurrencies.
Also Read: The Best Ethereum Blockchain Projects for 2022!