Ethereum (ETH) is leading the cryptocurrency market’s recovery. Due to the possibility of an all-out transition to Proof-of-Stake, bullish momentum is evident in second crypto market. This event’s date was revealed two days ago.
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This process will be completed with “The Merge”, an event set for September 19, 2022, with the objective of combining Ethereum’s execution layer with its consensus layer. ETH core developers have successfully carried out this process on the network’s main testnet.
As uncertainty around “The Merge” mitigates, crypto investors, grow increasingly bullish. Ethereum (ETH) is trading at $1480 as of this writing with a 10% profit within the last 24 hours, and a 27% profit during the week.
In the crypto top 10 by market cap, only ETH’s price records such an increase. Bitcoin has posted a 7% profit, while XRP (and Solana) record a 12% & 15% profit respectively over the last week.
Material Indicators data shows that liquidity for the USDT/ETH trading pair is trending up with cryptocurrency prices. When ETH’s price broke above $1,350 it was able to quickly move into the $1,400 area.
The $1,300 level has been moved from resistance to support. It’s a crucial level should there be any future downturns in price action. As seen below, bids have been moving up with ETH’s price with over $7 million buy orders at around $1,450 hinting at sustainable bullish price action.
Analyst Ali Martinez believes ETH printedIt was a bullish, four-hour candlestick that broke below $1300. The cryptocurrency was able to break out of a long-term consolidation and gained enough momentum for regaining levels above $1650.
The analyst believes ETH’s price is heading towards this area with the potential to hit $1,670. If ETH continues to follow this trend, $1,700 is the next place you should be watching.
What is the significance of $1,700 for Ethereum’s price?
Further dataJarvisLabs provides a glimpse at the important change in Ethereum market dynamics. It was a flip in the cryptocurrency’s 30-day returns. This is used to calculate short-term profits and losses for crypto investors.
After moving in negative territory over the past several months, this metric is now trending towards zero. According to Jarvis Labs, a flip above 0% for Ethereum’s 30D returns could present investors with a selling opportunity.
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In the past, and during a bear market, whenever ETH’s 30D returns experienced a period of consolidation with a subsequent positive flip in the metric, the cryptocurrency saw severe crashes. Below there is a chart on what has happened to ETH’s price when it sees a similar performance, Jarvis Labs added:
This fractal could trigger sell-offs for 1 year, if it were to repeat itself. Conversely, a flip of 1700 from resistance back to support would be equal to summer 2020’s flip of ~$350 and could signal the start of a brand new bull run.
