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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Ethereum price eth ethusdt
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Ethereum Merge Scheduled For September 15/16, ETH’s Price Skyrockets

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in Ethereum
Reading Time: 2 mins read

Ethereum is moving higher over today’s trading session and seems to be targeting previous levels about the $2,000 mark. The cryptocurrency soars as “The Merge” becomes imminent and backs the bullish sentiment across the market.

Related Reading: Is The Bitcoin Surge Due To An External Reason? What The Data Suggests

At the time of writing, ETH’s price trades at $1,900 with a 3% profit in the last 24 hours and a 17% profit over the past week. Ethereum is the best performing asset in the crypto top 10 by market cap recording bigger gains than Solana (14%), Polkadot (16%), and Bitcoin (7%).

Ethereum ETH ETHUSDT
ETH’s price with important gains on the 4-hour chart. Source: ETHUSDT Tradingview

The bullish momentum for Ethereum seems poised to extend. In a recent ETH core developers calls, “The Merge” mainnet release was tentatively scheduled for September 15 to 16 at epoch 144896.

This announcement comes at the heels of a successful implementation of “The Merge” on another main Ethereum testnet, Goerli. Called the final “dress rehearsal” for this major upcoming event that will combine Ethereum’s execution layer with its consensus layer.

In other words, Ethereum will finally complete its transition from a Proof-of-Work consensus to a Proof-of-Stake. This process will provide the blockchain will better performance, much lower transaction fees, scalability, and less energy consumption.

The potential for “The Merge” to attract new users and capital into the Ethereum ecosystem is one of the reasons why it’s perceived as bullish by the market. Data from Material Indicators (MI) indicates that almost every investor class has been buying into ETH’s price current price action.

This buying pressure is trending upwards and appears to be picking up momentum, over the past 12 hours as news about the tentative date for the mainnet release broke.

Ethereum ETH ETHUSD MI 2
ETH’s price has been bought by almost every investor class on low timeframes. Source: Material Indicators

Further data from Material Indicators records important ask liquidity above ETH’s price current levels. There are over $40 million in selling orders stack from $1,920 to $2,000. These orders will operate as critical resistance.

What “The Merge” Could Spell For The Price Of Ethereum

If Ethereum is able to break above those levels, the orderbook record almost no resistance to the upside. Thus, ETH’s price could reclaim previously lost territory and extend its climb.

However, MI records low buying pressure for ETH’s price on higher timeframes from large investors. Over the past two months, retail investors appear to be jumping into Ethereum’s price action.

Additional data provided by Jarvis Labs coincides that retail investors having been accumulating ETH. Larger investors need to begin accumulating to provide ETH’s price with an extended trend.

Jarvis Labs believes that this sustainable bullish price action might only be triggered if Bitcoin picks up momentum and follows the bullish trend. The price of the number one cryptocurrency has also been supported mainly by retail, but the research “would like to see a Q4 2020 repeat”.

Related Reading: Polygon Maintains Solid Footing As MATIC Balloons By 300% Since June

At that time, retail was buying BTC and ETH and in Q4, whales took over and prices were able to reach new highs.

Bitcoin Ethereum ETH ETHUSDT
In Q4 2020 whales (red dots on the chart) took over retail (green dots) and push BTC’s price into new highs, will history repeat? Source: Jarvis Labs via Twitter
Tags: ETHethereumETHUSDT
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Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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