By Adeline Gibbs (Italy)
The world’s leading altcoin, Ethereum, extended its massive upsurge, climbing past $1,750 early today. While publishing this post, ETH traded at $1,735, a 5.6% uptick within the past day. Its market capitalization hovered at $211 billion.
Ethereum has led the market rally on the back of a massive increase in address activity. Santiment noted that ETH enjoyed impressive actions on Thursday, exploding past $1,770. The altcoin has stayed beneath this area since 10 June. This surge emerged two days after Ethereum highlighted a massive move following ATHs in address activity, with a historical increase past 1 million.
Technical charts show Ethereum closing beyond $1,680 would open the path towards the $1,800 value area. However, the altcoin has a massive resistance around the $1,740 mark, its 100-dau EMA (Exponential Moving Average).
Ethereum Optimism
The shifting of the ETH blockchain to a PoS (proof-of-stake) ecosystem has acted as a massive catalyst in ETH’s latest price rally. Developers recently revealed that Ethereum’s Merge upgrade would happen in mid-September.
Such news triggered massive optimism among Ethereum investors. Pantera Capital’s partner Paul Veradittakit told Bloomberg that the ETH merge would soon migrate the network into a PoS protocol and ensure increased utility for the alt, changing tokenomics and ensuring enthusiasm for heightened Ethereum decentralization.
Also read:Meanwhile, global macro facets would remain crucial for Ethereum’s price rally. The US Fed Reserved declared a 75bp rate increase on Wednesday, citing surging inflation. Arca’s research director Katie Talati stated that the market outperforms from a macro standpoint. Many now speculated that the Federal would adopt a more dovish outlook, slowing further hikes in 2022. That would create an attractive environment for the risky assets.
Nevertheless, financial experts trust it’s early to say the worst has ended for the crypto space. Though digital tokens present impressive gains, some analysts believe the current rally ‘does not have legs.’ That means it could be a ‘dead cat bounce,’ translating to possible retracements in the coming sessions.
Ethereum enthusiasts should also watch broad market sentiments to ensure profitable undertakings. While publishing this post, the market appeared green, with the cumulative value of crypto assets hovering at 4.54% up at $1.10 trillion.
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