After being in the consolidation range for a month, Ethereum has finally broken out. In the last three days, it has gained more than 14 %.
Reasons For the Breakout
Recently we reported that the Ethereum developers have finally revealed the date for the final Merge event of Ethereum. Following the new, Ether has gained handsomely. It was trading in the range of $ 1,250 and $ 950 for some time.
The faith of investors of Ethereum was tested for a long time since Ether developers had declared about the Merge event. The Merge was delayed many times in the past. But now, the developers have set the date in September for the final merge. After the news came out, investors’ interest renewed. Volumes, too have picked up considerably in Ethereum.
Technical Analysis
As per technical analysis, it seems that we can see $ 1,700 levels soon. This is the same level where Ethereum had found previous support before the TerraUSD fiasco. It is expected that Ethereum will reach $ 1,700 and might find it has broken above that. This is a 15 % surge.
At the time of writing, Ethereum was trading at $ 1,445, 8% up from yesterday itself.
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Other Layer-2 Coins That Have Shown Renewed Interest
Lido DAO has seen an even better jump. As we had reported, it jumped more than 220 % in just 2 weeks’ time. It surged even more, as much as 300%.
Bull Market Returning?
Bitcoin, too is breaking out of the consolidation zone. It has an upside potential of 28 %.
It has found a range between the levels of $ 21,800 and$ 17,800. It spent almost a month ranging in the box. If it sustains above $21,800 for this day, we can expect to see $ 28,000 soon. At the time of writing, BTC was exchanging hands at $ 22,235. IF the current trends continue, we can definitely be witnessing the reversal of the Bear market.
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Disclaimer: All the opinions mentioned here are the personal opinion of the author. It is not an advise for investment. Do your own due diligence before acting on the above.