The price of Ethereum (ETH) has continued to trade upwards over the past several days, following a dramatic reversal from the previous low near $1,000 during the last seven days.<\/p>\n
Wednesday saw the ETH\/USD pair surge to the $1,175 barrier level, recording a clear higher high. As of this writing on Thursday, ETH was trading at $1,218 \u2014 an increase of 10.6 percent over the previous week, according to data from Coingecko.<\/p>\n
The announcement that Ethereum developers successfully executed The Merge on the Sepolia testnet boosted the price of Ether by 5 percent over the past 24 hours, data show.<\/p>\n
Suggested Reading | Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours<\/p>\n
Ethereum Gets Some Energy From The Merge<\/p>\n
The Merge will facilitate the transition of the Ethereum network to the Proof-of-Stake (PoS) network. Proof-of-stake protocols are a type of consensus mechanism for blockchains that pick validators proportionally to their holdings of the corresponding cryptocurrency. This is performed in order to circumvent the computational expense of proof-of-work techniques.<\/p>\n
The second-largest cryptocurrency in the world was subject to intense selling pressure earlier this week. Since early April, the\u00a0bears have dominated the market fully.<\/p>\n
The support at $1,000 has prevented additional Ethereum price declines over the past week. The question now\u00a0is whether a short-term ascent\u00a0is possible or not.<\/p>\n
In recent months, Ethereum (ETH) and the broader cryptocurrency market have functioned in an environment marked by significant inflation, with the United States\u00a0Federal Reserve taking steps to implement high interest rates.<\/p>\n\n
ETH total market cap at $146 billion on the daily chart | Source: TradingView.com
\nEthereum Next Target: $1,250<\/p>\n
As fears of an economic downturn have intensified, riskier assets such as Ethereum have been badly affected, with ETH temporarily dipping below the $1,000 support zone just last month.<\/p>\n
Thursday\u2019s Ethereum price analysis is bullish, as money managers anticipate additional gains after consolidation ended and a break above $1,175 occurred. Hence, the ETH\/USD pair is anticipated to continue climbing and approach the $1,250 resistance level.<\/p>\n
Suggested Reading |\u00a0ATOM Rises To Multi-Week High, Daily RSI Shows Bullish Pattern<\/p>\n
Despite Ethereum\u2019s significant price fall since the beginning of the year, the CoinMarketCap community forecasts that the decentralized currency will trade at an average price of $2,529 on July 31, 2022.<\/p>\n
Meanwhile, today\u2019s Ethereum price analysis is positive, as overnight gains above the resistance at $1,175 were sustained. Consequently, ETH\/USD will likely continue its ascent and aim for the $1,250 resistance. If this level is breached, we anticipate a highly bullish remainder for July.<\/p>\n
Featured image from Mashable, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
The price of Ethereum (ETH) has continued to trade upwards over the past several days, following a dramatic reversal from the previous low near $1,000 during the last seven days.<\/p>\n
Wednesday saw the ETH\/USD pair surge to the $1,175 barrier level, recording a clear higher high. As of this writing on Thursday, ETH was trading at $1,218 \u2014 an increase of 10.6 percent over the previous week, according to data from Coingecko.<\/p>\n
The announcement that Ethereum developers successfully executed The Merge on the Sepolia testnet boosted the price of Ether by 5 percent over the past 24 hours, data show.<\/p>\n
Suggested Reading | Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours<\/p>\n
Ethereum Gets Some Energy From The Merge<\/p>\n
The Merge will facilitate the transition of the Ethereum network to the Proof-of-Stake (PoS) network. Proof-of-stake protocols are a type of consensus mechanism for blockchains that pick validators proportionally to their holdings of the corresponding cryptocurrency. This is performed in order to circumvent the computational expense of proof-of-work techniques.<\/p>\n
The second-largest cryptocurrency in the world was subject to intense selling pressure earlier this week. Since early April, the\u00a0bears have dominated the market fully.<\/p>\n
The support at $1,000 has prevented additional Ethereum price declines over the past week. The question now\u00a0is whether a short-term ascent\u00a0is possible or not.<\/p>\n
In recent months, Ethereum (ETH) and the broader cryptocurrency market have functioned in an environment marked by significant inflation, with the United States\u00a0Federal Reserve taking steps to implement high interest rates.<\/p>\n
ETH total market cap at $146 billion on the daily chart | Source: TradingView.com
\nEthereum Next Target: $1,250<\/p>\n
As fears of an economic downturn have intensified, riskier assets such as Ethereum have been badly affected, with ETH temporarily dipping below the $1,000 support zone just last month.<\/p>\n
Thursday\u2019s Ethereum price analysis is bullish, as money managers anticipate additional gains after consolidation ended and a break above $1,175 occurred. Hence, the ETH\/USD pair is anticipated to continue climbing and approach the $1,250 resistance level.<\/p>\n
Suggested Reading |\u00a0ATOM Rises To Multi-Week High, Daily RSI Shows Bullish Pattern<\/p>\n
Despite Ethereum\u2019s significant price fall since the beginning of the year, the CoinMarketCap community forecasts that the decentralized currency will trade at an average price of $2,529 on July 31, 2022.<\/p>\n
Meanwhile, today\u2019s Ethereum price analysis is positive, as overnight gains above the resistance at $1,175 were sustained. Consequently, ETH\/USD will likely continue its ascent and aim for the $1,250 resistance. If this level is breached, we anticipate a highly bullish remainder for July.<\/p>\n
Featured image from Mashable, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-2925","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=2925"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2925\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=2925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=2925"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=2925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}