Institutional investors speculate on Ethereum As ETH price Surges
The second-largest cryptocurrency is currently riding on the back of improved performance in the crypto market. As the broader digital asset industry continues to churn out positive trade volumes, Ethereum is looking to gain further.
Investors are hoping that the value of ETH soars to outperform the broader market in the coming days.
Despite a recent downturn in price, the king of altcoins is enjoying a rapid price surge, as revealed by Cumberland. The crypto market analytic firm on its Twitter page reveals how Ethereum’s price movement is making waves.
According to Johan Van Bourg of Cumberland, ETH’s value has always been triggered by the macroeconomy. However, the current price action is different as the surge is crypto-related.
Ethereum is Focused on the Merge
The Ethereum Merge is developed to create the foundation for future scaling innovations like sharding. The Merge describes how the network’s existing mainnet will integrate with the PoS system of the Beacon Chain. The modification will drop Ethereum’s energy consumption down to 99.95%.
According to Tim Beiko, an Ethereum developer, the network will likely launch the Merge in September. However, Beiko concedes that the timeframe will also change as the countdown begins.
Cumberland stated that creating a yield-bearing asset is an important milestone for Ethereum. Ethereum’s move counts for the people who are concerned about environmental issues.
The company claims that resources for Ethereum are not usually oversold and that not much is needed to change the price direction. Moreover, the buy/sell ratios are skewed long, suggesting that the company’s over-the-counter (OTC) transactions favor it.
Price volatility is a market-wide phenomenon. However, Ethereum has what it takes to buck the trend.
Meanwhile, the statement from the market analyst came at a time when the network’s whales were making a comeback. As the price of ETH increases, institutional investors are acquiring more Ethereum tokens again.
The increased whale activity is due to the projected Merge, which has driven prices up over the past week.
The Price of Ethereum is On The Rise!
TradingView shows the token’s value has jumped by over 50% in the past 30 days. Ethereum has outperformed Bitcoin in the current price action by nearly 16%.
The value of the second most valued digital asset by market cap has increased in the past week. In addition, the price continued on a steady rise on Friday and traded at a little over $1,500.
So far this year, Bitcoin has trailed behind Ethereum in terms of trade volume and inflows to the network. The broader market retreat has been an added advantage for Ethereum as it continues to make further gains. The token continues to leverage on its proposed Merge to profit from the market.
As digital asset adoption increases, various governments have heightened support for the crypto industry.
However, the latest price surge does not indicate that the token’s volatility is done with but that more growth will happen.
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