Following the release of the precise date on which the Ethereum Merge network upgrade will go live and permanently disable the proof of work consensus process, Ethereum is experiencing a significant rebound on the cryptocurrency market.
We observed a sharp rise in the number of whale addresses as Ether gained 30% since the beginning of the month: more than 130 new wallets appeared on the network. The growing number of whales may indicate that investors are reinvesting in cryptocurrencies.
Following the modest recovery of the digital asset market, we have highlighted the potential for a breakout that might happen to Ethereum and a few other cryptocurrencies in a recent analysis of the crypto market.
Ether successfully broke the local resistance line of the consolidation channel, as we can see today, and immediately swung to the next significant resistance level. To sustain the current rebound surge, Ethereum must break over its 50-day moving average resistance level, which it is currently holding at.
Since the decrease in early May, we observed a reversal in the number of addresses valued between 1,000 and 100,000 ETH after the successful breakout.
What may take place Ethereum next?
Surprisingly, there aren’t any indications of a rapid surge that would have let us know the second-largest cryptocurrency on the market is experiencing a dead cat bounce and would turn around in the next days.
Even said, it’s important to remember that Ethereum’s unusually strong price performance occurred over weekend trading days, when there is often much less volume and liquidity. As a result, even a small amount of new money could have had a big impact on an asset’s price.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews