Ethereum has registered a major upward move over the past month following the announcement of the merge. A more definite launch time in September has seen the market rally around the altcoin, causing it to rise significantly. With each day, the merge draws closer, and Ethereum tests another technical level. This time around, the cryptocurrency has set its sights on the $2,000 level as it continues to trade in the green.
Will ETH reach $2,000?
Ethereum’s recent break above the $1,900 level is setting the stage for a major rally above the $1,900 level. This time around, ETH is looking towards the crucial technical level of $2,000, where the bears are now starting to make their stand.
However, despite rising resistance, the accumulation trend in ETH has given it a strong momentum. The digital asset alone has seen its value rise by over 50% in the past 30 days, but the bulls are not satisfied.
The data shows that Ethereum whales are taking advantage of the low prices and increasing their investments. One whale bought about $1.7 billion in ETH futures over the past few weeks, and others have swung to follow.
ETH jumps above $1,900 | Source: ETHUSD on TradingView.com
Exchange net flow also shows a similar accumulation where investors see their ETH exiting centralized exchanges. In the last 24 hours, $739.3 million in ETH were transferred from CEXesThat left a negative net inflow of -$156.7 million for the day.
Ethereum Merge Propels Growth
At this point, it is no longer a secret that Ethereum Merge is behind the recent surge it recorded. Anticipation is rising about the upgrade, with mixed sentiments from investors coming in about what will happen after it, but one thing that has remained consistent is the bullish sentiment going into the merger.
As expected, the rally has been supported for hard forks, which is expected after the merge, but ETH PoS is still getting massive support. More users have also come to stake their ETH before the merge, leading to a record number of ETH being staked. At the moment, about 10% of the total ETH supply is at stake.
There is no certainty as to what will happen to the price of ETH once the upgrade is complete. The price can go either way depending on investor sentiment towards the digital asset. However, the general consensus remains that the move to proof of stake is a significant event towards more mainstream adoption for the network.
Featured image from MARCA, chart from TradingView.com
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