Cryptocurrency markets are slowing down after an incredible bull run last week. Ethereum surged past $1,600 on Friday, with its 24-hour trading volume surpassing Bitcoin’s. Even with the global cryptocurrency markets losing momentum, ETH is managing to hold above the $1,500 level, with a current market capitalization of $185 billion, which could soon approach 50% of Bitcoin.
Ethereum Price Rises 25% During EthCC Week
With the conclusion of EthCC, the largest European blockchain conference this year, Ethereum once again gained the crypto community’s attention as Vitalik Buterin, Ethereum’s Founder, took the stage on Thursday to talk about the upcoming network merge set to take place in September.
Vitalik Buterin said that Ethereum is 40% complete. After the merge, the network would be expected to handle upwards of 100k transactions per second, a drastic improvement from the current ~100TPS max that the Ethereum network recorded. At the time of writing, the Ethereum network’s average transactions per second are between 10-30.
Ethereum Price Prediction and Analysis
Ethereum is showing exhaustion, especially with EthCC over the last week. The cryptocurrency market will likely take a break from any substantial price movements this weekend. Bitcoin will likely take the lead in dictating crypto market movement again, especially on Monday when the stock market opens.
As earnings season is upon us, investors are looking for upcoming companies’ earning reports to dictate their next move. Unfortunately, stocks lost momentum on Friday, with the NASDAQ losing 1.8%, S&P500 closing 37 points lower, and the Dow Jones losing 137 points.
While Friday was a tough day for the stock market, the three major stocks (NASDAQ, S&P500, and Dow Jones) registered slight gains last week, signaling an overall healthy sentiment for next week.
If we can see a recovery of tech stocks on Monday, Bitcoin will show significant upside and cause a cascade effect for other crypto assets.
Ethereum will likely test the $1,700 level next week after attempting to establish support at the $1,500 level this weekend. With the increase in trading volume, the market still has plenty of potential and momentum to continue its bull run from last week.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any stocks.
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Source: https://nulltx.com/ethereum-price-holds-above-1500-amid-crypto-market-retrace/