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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Soars 27%, Why Its Next Target Is $1,700

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Ethereum

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The crypto market has returned to the green with Ethereum (ETH) leading the recovery. The second crypto by market cap has seen bullish momentum on the back of a potential full transition to a Proof-of-Stake (PoS) consensus. The date for this event was announced two days ago.

Related Reading | TA: Ethereum Outpaces Bitcoin, Why ETH Could Rise To $1,500

This process will be completed with “The Merge”, an event set for September 19, 2022, with the objective of combining Ethereum’s execution layer with its consensus layer. ETH core developers have successfully carried out this process on the network’s main testnet.

As uncertainty around “The Merge” mitigates, crypto investors, grow increasingly bullish. At the time of writing, Ethereum (ETH) trades at $1,480 with a 10% profit in the last 24 hours and a 27% profit in the past week.

Ethereum ETH ETHUSD
ETH’s price with small profits on the 4-hour chart. Source: ETHUSDT Tradingview

In the crypto top 10 by market cap, only ETH’s price records such an increase. Bitcoin records a 7% profit in the past week, while XRP and Solana record a 12% and 15% profit over the same period.

Data from Material Indicators shows liquidity for the ETH/USDT trading pair has been trending upwards with the price of the cryptocurrency. When ETH’s price broke above $1,350 it was able to quickly move into the $1,400 area.

This suggests that $1,300 has been flipped from resistance to support making it a key level in case of future downside price action. As seen below, bids have been moving up with ETH’s price with over $7 million buy orders at around $1,450 hinting at sustainable bullish price action.

Ethereum ETH ETHUSD
ETH’s price (blue line on the chart) sees bid orders laddering to current levels. Source: Material Indicators

Analyst Ali Martinez believes ETH printed a bullish four-hour candlestick when it broke below $1,300. At that time, the cryptocurrency broke from a multi-month consolidation gaining enough momentum to reclaim levels above $1,650.

The analyst believes ETH’s price is heading towards this area with the potential to hit $1,670. The next area to watch if ETH sees follow through into this area is $1,700.

Why The $1,700 Are Important For The Price Of Ethereum?

Additional data provided by JarvisLabs hints at an important shift in Ethereum market dynamics. The cryptocurrency saw a flipped in its 30-day returns, used to measure the short-term profit and loss for crypto investors in this period.

This metric has been trending towards 0% after moving in negative territory for multiple months. According to Jarvis Labs, a flip above 0% for Ethereum’s 30D returns could present investors with a selling opportunity.

Related Reading | XRP Must Breach This Key Level To Avert The Downturn

In the past, and during a bear market, whenever ETH’s 30D returns experienced a period of consolidation with a subsequent positive flip in the metric, the cryptocurrency saw severe crashes. Below there is a chart on what has happened to ETH’s price when it sees a similar performance, Jarvis Labs added:

If this fractal were to replay itself all pumps up to the $1700 level will trigger sell-offs for the next 1 year.  Conversely, a flip of 1700 from resistance back to support would be equal to summer 2020’s flip of ~$350 and could signal the start of a brand new bull run.

Ethereum ETH ETHUSD 3
ETH sees diminishing returns during bear markets leading to further losses. Source: Jarvis Labs via Twitter
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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