Price Analysis

Bitcoin Above $21K While Ethereum Price Sustain Over $1400! Is the Crypto Space Finally Recovering?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 18, 2022

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Article Highlights
  • Bitcoin & Ethereum prices broke above the critical resistance and quickly gained levels pretty close to their respective targets

  • Most of the altcoins gained immensely bullish momentum and appeared to have ended the bearish narrative to some extent

The last weekend proved to favour the bulls as the top 2 assets climbed above the danger zone. However, Bitcoin is yet to surpass $22,000 but Ethereum‘s price rose magnificently beyond $1400, aiming to hit $1500 very soon. Just during the previous weekly close, ETH price was assumed to undergo a serious breakdown that may drag the price to the lower levels around $400. However, with the recent flip, BTC & ETH are expected to maintain a consistent trend towards the north. 

Ethereum had well positioned itself above $1200 despite Bitcoin displaying a bearish trend and was all set to break out from the consolidation. After testing the lower bottoms three times, the ETH price ignited a minor bull run forming consecutive bullish flags. Currently, the second largest crypto with a fresh jump appears to have formed the pole of the upcoming flag. 

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Presently, the bears are trying very hard to drag the price below $1400 and keep it restricted below these levels. The asset seems to undergo a correction by trading within narrow ranges for the next couple of hours, before the leg up. By swinging within the ranges, the asset is expected to gain a significant strength that may enable the price to move higher to hit $1600 initially and later attempt to rise beyond $1800. 

Will Merger Prove to be a Major Catalyst for the ETH Price Rally?

The Ethereum transition from PoW to PoS began nearly 18 months before, with the launch of Beacon Chain. However, the Sepolia testnet that recently went live, set the stage for the huge event that is considered a crucial phase for ETH 2.0. The launch has been constantly delayed multiple times before, and recently a core developer Tim Beiko proposed a tentative date. 

The developer who runs the core protocol suggests September 19, as the date for the mega event that did not face any objection from the other developers. The upcoming merger is expected to induce huge bullish momentum not only within Ethereum but the entire crypto space. And hence the ETH price in an extreme bullish case may also ignite a strong bull run beyond $2000 too. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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