Ethereum price in the recent past has experienced a significant rise and also is able to hold the resistance firmly. The asset due to the price drain in the past couple of days was closer to nullifying the bullish impact. However, the present-day price movement displays the possibility of regaining the levels within the bullish flag which aims to hit $1800 or above after a breakout.
The ETH price has dropped nearly 90% from its highs and with the latest rebound, the asset appears to have set a parabolic curve to regain the lost positions.
However, the asset is required to surpass the crucial resistance at $1800 initially and later at $2000. Moreover, the upcoming merge is expected to induce significant volatility and on the other hand, the traders also appear to gear up themselves ahead of the merger.
Massive Exchange Outflows
As the merger which is scheduled for September is approaching, huge ETH outflows are recorded from the exchanges. The platform has recorded the highest outflow in the recent past which had surpassed all the prior levels.
During the recent price drain, a huge outflow from the exchanges was recorded that peaked at more than 600K ETH on July 22. Therfore, slashing the balance on the exchanges to as low as $20.6 million. This clearly indicates the traders stacking the asset to the maximum before the ETH 2.0 merger as a significant jump is expected.
A Rise in the Daily Active Address
On the other hand, the activity over the platform appears to have intensified as the daily active addresses have peaked. The platform recorded nearly 36,636.726 addresses to reach an 8-month high.
Therefore, most of the indicators are currently pointing towards a significant rise being pre-determined for the Ethereum(ETH) price rally ahead of the Merger. A decent spike of nearly 25% seems fast approaching for the asset in the coming days.
Was this writing helpful?