After the Merge announcement, Ethereum saw a huge upwards move in the month that followed. The market rallied around the altcoin after a more concrete launch date in September, which caused it to explode dramatically. Each day the Merge gets closer and Ethereum tests a new technical level. As it trades in the green, Ethereum has again set its sights on the $2,000 mark.
Will the ETH reach $2,000
Ethereum’s most recent break above the $1,900 level has laid the foundation for a larger bounce upward. ETH now looks towards $2,000 technical level, which is where bears are beginning to take their stand.
Despite the resistance mounting, however, strong momentum has been provided by the ETH accumulation trend. However, bulls don’t like the 50% increase in ETH’s value over the last 30 trading days.
According to data, Ethereum whales are taking advantage of low prices and increasing their investment. One whale purchased approximately $1.7 billion worth of ETH futures over the last week, while others followed suit.
Source: ETHUSD on TradingView.com| Source: ETHUSD on TradingView.com
The net flow of exchange nets also shows a similar accumulation yield where investors are looking to withdraw their ETH from centralized markets. The last 24-hours, the USD has increased by $739.3 million in ETH were moved from CEXesThis resulted in a net loss of $156.7 million.
Ethereum Merge Encourages Growth
The Ethereum Merge is the reason for recent record-breaking growth. It’s not a surprise at this stage. Investors have mixed emotions about the future of the upgrade. However, there has been increasing anticipation. One thing has remained constant is the bullish sentiment that was expressed prior to the Merge.
There has been a lot of support for hard forks as expected. However, the ETH PoS continues to receive massive support. Additionally, more users are now eager to stake their ETH before the Merge. This has led to a record-breaking number of ETH being staked. About 10% of total ETH supply has been staked at this time.
It is not known what the future price of ETH will look like after the upgrade. It is possible for the price to go in either direction depending on investors’ sentiment towards the digital asset. The consensus is that the proof of stake event will be a crucial step in the evolution of the network towards mainstream adoption.
Featured image taken from MARCA. Chart from TradingView.com
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