- Ethereum’s upcoming merge has made the asset jump to more than 50% within the last one month. ETH is currently trading near the value of $1778 with a gain of more than 5% in the past 24 hours.
- ETH volume has seen a jump of more than 18% in the last 24 hours. Meanwhile, ETH/BTC pair has observed a gain of more than 0.26% in the intraday session.
Ethereum is currently trading near a crucial level of $1778. The hype of the merge has pushed it beyond 50% in the past two months. Various analysts are predicting that the asset will see a strong growth in the future once the transition gets completed. The transition to PoW is shifting miners towards the Ethereum classic. One can see a strong upside move in upcoming days.
Ethereum is currently ranked 2nd and has a market cap of $216,024,655,035. The volume of the asset has seen a significant jump in the past 24 hours. ETH/BTC pair can also see strong growth in the future.
Are Ethereum Bulls Gathering Up For A Strong Rally?
The weekly chart of ETHEREUM suggests a strong upside trend for the future. On coming to the daily chart, the asset is ready to touch the peak of $2000 in the future. The asset is currently trading below its 100 and above 50 DMA. The current correlation between the ETH and BTC is currently 0.96. The major resistance of ETH can be observed near $2000 and on the downside the asset can see a halt near the value of $1500.
RSI: The RSI of Ethereum is near 68 suggesting its presence near the value of the oversold zone. RSI is currently forming positive slopes which can push the asset price to a new high. The overall sentiment of the RSI is positive.
Conclusion
Ethereum transition to the PoS will drastically change the course of transaction and gas fee for the future. Various analysts are predicting that the asset will see a new high in the future.
Technical Levels
Major Resistance: $2000 -$2100
Major Support: $1400 -$1500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.