Ethereum Reverses from $1,000 Low, Price Increases in Following Days
Ethereum's price (ETH) has increased in the past several days following its reversal from the nigh $1,000 low, which occurred right after a period of steep declines
The price of Ethereum (ETH) has continued to rise over the past several days, following a significant reversal from the previous low near $1,000 in the last seven days.
On Wednesday, the price of ETH/USD rose to the $1,175 resistance level, creating a clear high. As of this writing on Thursday, ETH was trading at $1,218 - an increase of 10.6% over the previous week, according to data from Coingecko.
The news that Ethereum developers successfully carried out The Merge on the Sepolia testnet caused Ether's price to increase by 5% over the past 24 hours, as shown in data.
Ethereum can be powered by the merger
The Merge will ease the transition of the Ethereum network to Proof-of-Stake (PoS) network. The PoS protocols are a type of consensus mechanism for blockchains, which select validators based on their holdings of the corresponding cryptocurrency, in order to avoid computational expense.
The second-largest cryptocurrency in the world was subject to intense selling pressure earlier this week. Since early April, the market has been controlled by the sellers.
The support at $1,000 has prevented the Ethereum price from falling further over the past week. The question now is whether a short-term rise is possible or not.
In recent months, the price of Ethereum (ETH) and other cryptocurrencies has gone up significantly as the United States Federal Reserve has increased interest rates.
Ethereum's next goal is $1,250
As fears of an economic downturn have grown, the riskier assets, such as Ethereum, have been badly affected. In the past month alone, ETH temporarily dropped below the $1,000 support zone.
In Thursday's Ethereum price analysis, the end of consolidation and a break above $1,175 were seen as another sign that the coin will continue to rise.
The CoinMarketCap community predicts that Ethereum will trade at an average of $2,529 on July 31, 2022, despite the cryptocurrency's significant decline in price since January.
Meanwhile, today's Ethereum price analysis is positive as overnight gains above the resistance at $1,175 were sustained. As a result, 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.