August 12, 2022

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Over $590 Million of Lengthy Positions Acquired Liquidated as Merchants Rushed Into Bitcoin Value Rally

After a relatively minor market correction yesterday, Ethereum’s price surged past the $1,600 level, currently...

After a relatively minor market correction yesterday, Ethereum’s price surged past the $1,600 level, currently attempting to establish new support. While Bitcoin also saw substantial price growth over the past 24 hours, Ethereum is leading the bull rally after the conclusion of EthCC this week, the largest European blockchain conference bringing together crypto enthusiasts worldwide.

Ethereum’s 24-Hour Trading Volume Surpasses $20 Billion

With Ethereum’s recent price hike, its trading volume surpasses half of Bitcoin’s. While BTC’s 24-hour trading volume is at $25 billion, ETH currently boasts a $20 billion trading volume, with a slight decrease of 3% in the past 24 hours.

As discussed in yesterday’s Ethereum price article, the hype surrounding Ethereum is due to its upcoming network merge, where ETH’s blockchain will switch from a proof-of-work to a proof-of-stake consensus model. This will make Ethereum not only a more sustainable network but, according to Vitalik, who took the stage at EthCC on Thursday, will enable Ethereum’s network to process in the order of 100k transactions per second.

Moreover, Vitalik announced that Ethereum would be 55% complete come September after the network merge, bringing the blockchain closer to a more robust and leading network in cryptocurrency.

The crypto market is excited about Ethereum’s upcoming network transition. The trading volume substantially increased over the past week, and the digital asset’s bull run has been dubbed the “merge trade.”

Ethereum Price Prediction & Analysis

After peaking at $1,640 in the early hours of Friday, Ethereum’s price shows signs of retreat as EthCC is coming to a conclusion, trading volume is dropping, and the weekend is slowing down the markets.

See also  Bitcoin and Ethereum Value Handle to Maintain Help Amid Inflation Fears

ETH is currently trading at $1,597, attempting to hold its support level of $1,600.

Ethereum price analysis chart coinmarketcap
1D ETHUSD // Source: CoinMarketCap

The question on everyone’s mind is whether Ethereum will continue its bull run or whether we will see a market correction in the next few days.

The good news is that stock markets are closed on the weekend, meaning that Bitcoin won’t have significant influence in terms of corrections since BTC usually follows the global markets quite linearly and causes a cascade effect on other crypto assets.

If Ethereum pulls down below the $1,500 level, traders currently waiting on the sidelines will provide additional buy support, as users are looking forward to September’s update and the “merge trade” is well underway.

Ethereum has significant market momentum and bullish long-term sentiment, which could push the digital asset above the $1,700 range over the weekend.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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