Bitcoin (BTC) has finally staged a stronger rally in recent days, trading at $22,886, up 9.12% in the last 24 hours and at its highest level since early June.
Ethereum rose even more strongly, hitting a current high of $1,631 and now trading at $1,612, up 16.91% in the last 24 hours.
Ethereum, which has generally lagged behind bitcoin in recent months, has risen 42.35% in the last seven days, more than three times higher than bitcoin, according to Coinmarketcap.
After more than a month of price corrections, we can see a clear break in price behavior,’ said Klejdi Cuni, a technology analyst at TradimgView.
This is the expected reversal area that I’ve been watching for a long time, and as we’ve seen, ETH is up nearly 60% from the bottom and prices have just broken out of the flag pattern.
He expects Ethereum’s next resistance level to be the previous high, around $1,700;
However, he does not rule out a brief pullback around $1,500 before ETH takes hold and continues its upward challenge.
Ethereum Goerli Test network to merge on August 11 Why is Ethereum so strong recently?
Perhaps it’s the good news about the continued push for consolidation.
According to the public information of Ethereum developers recently, Goerli, the last test network of Ethereum, will be merged on August 11, and the TTD(final confirmed difficulty) of Goerli merger is expected to be selected early next month.
It was also reported earlier that if all goes well, the ETH Main Network merger is scheduled to take place during the week of September 19.
Also on the bitcoin front, while the crypto market has seen the demise of several protocols and large institutions over the past few months, removing a lot of leverage from the ecosystem.
However, the recent record CPI in the United States, coupled with the war between Ukraine and Russia, rising energy prices and tight supply chains in the macro background, there are lingering concerns about economic recession.
Bitcoin remains below 200-week moving average (WMA) resistance, a key area not expected to be broken easily, notes Michael van de Poppe, founder of eightglobal, in a tweet last night.
But he sees a small consolidation above $22,600 and expects a further move could activate a large number of bulls to push the price to $28,000.
It’s worth noting that the rebound in the cryptocurrency market has also brought related stocks back to life. The cryptocurrency exchange Coinbase, which has lost nearly 80% of its value this year, jumped more than $60 at the start of trading on Monday, before closing at $58.67, up 9%.
Shares of MicroStrategy, another big Bitcoin holder, jumped more than 10 percent at one point to close at $225.63.
Shares of cryptocurrency miners also rebounded strongly, with Marathon Digital closing up 21.39% and RiotBlockchain up 11.85%.