The price of Ethereum (ETH) has continued to rise in the past few days, after a dramatic reversal from a previous low of close to $ 1,000 over the last seven days.
Wednesday saw the ETH / USD pair rise to the $ 1,175 barrier level, recording a higher high. As of this writing on Thursday, ETH traded at $ 1,218 – a 10.6 percent increase on the previous week, according to data from Coingecko.
The announcement that Ethereum developers successfully implemented a Join on Sepolia testnet increased the price of Ether by 5 percent over the past 24 hours, data shows.
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Ethereum Gets Energy From Joining
The merger will facilitate the transition of the Ethereum network to a Proof-of-Stake (PoS) network. A proof-of-stake protocol is a type of consensus mechanism for a blockchain that selects a validator in proportion to the ownership of the corresponding cryptocurrency. This was done to avoid the computational costs of proof -of -work techniques.
The world’s second -largest cryptocurrency was hit by strong selling pressure earlier this week. Since early April, bears have dominated the market completely.
Support at $ 1,000 has prevented additional Ethereum price declines over the past week. The question now is whether the short -term climb is possible or not.
In recent months, Ethereum (ETH) and the broader cryptocurrency market have been operating in an environment marked by significant inflation, with the United States Federal Reserve taking steps to implement high interest rates.
ETH total market cap at $146 billion on the daily chart | Source: TradingView.com
Ethereum’s Next Target: $ 1,250
As my fears of an economic downturn grew, cleaner assets such as Ethereum were severely affected, with ETH temporarily falling below the $ 1,000 support zone just last month.
Ethereum’s price analysis was bullish, as money managers expected additional profits after the consolidation was complete and there was a break above $ 1,175. Hence, the ETH/USD pair is anticipated to continue rising and approach the $ 1,250 resistance level.
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Despite the price of Ethereum falling significantly since the beginning of the year, the CoinMarketCap community estimates that the decentralized currency will trade at an average price of $ 2,529 by July 31, 2022.
Meanwhile, Ethereum’s price analysis is currently positive, as the overnight gain above the resistance at $ 1,175 remains. As a result, ETH/USD will continue to rise and target the $ 1,250 resistance. If this level is breached, we expect a very bullish remnant for July.
Featured image from Mashable, chart from TradingView.com
