Ethereum underperformed after the century upgrade “The Merge”. Now, however, Ethereum is pumping, overtaking even Bitcoin. Blockchain researchers are seeing bullish signals and traders are also anticipating a strong performance from Ethereum. Is the bullish merger coming now?
Ethereum bullish like it hasn’t been in a long time
Traders and analysts are currently watching Ethereum (ETH) in amazement. The smart contracts platform has been bullish for days, pushing to new highs. ETH bulls also stomped over the past 24 hours as buying pressure took the asset from yesterday’s low of $1,253 to $1,302 – a new local high for Ethereum and daily gains nearly 4%.
Top trader Smokey comments on recent ETH price action:
“These are beautiful movements to wake up to”
Indeed, ETH investors have been waking up for a few days with green candles in their wallets: As data from Coinmarketcap.com shows, Ethereum is currently posting a weekly performance of +10.81%.
The second most valuable cryptocurrency by market capitalization not only overtakes Bitcoin, but leaves it far behind. For comparison: BTC was only able to gain “only” +1.77% in the last 24 hours, a gain of +6.84% for the week.
Now the predictions for Ethereum are slowly turning bullish again, some even bullish. The highly quoted analyst IncomeSharks, for example, writes to his 353,000+ Twitter followers:
“Nice and steady uptrend, nice V-Bottom loop with higher lows. Knock on the resistance, when it breaks we finally see how [Altcoins] have a little fun.
Ethereum: More and more active addresses in the network
In fact, the bullish momentum is not entirely unexpected. Blockchain researchers from IntoTheBlock, for example, find in a new analysis: There are more and more active addresses for Bitcoin and Ethereum. This means that both rooms are used more and more intensively! And Ethereum even has a slight advantage here. Explorers :
“We are seeing an increase in active addresses on Ethereum of approximately 36% (327,000 addresses as of March 8, 2020 versus 514,000 addresses as of December 1, 2022). Bitcoin saw a more modest 20.6% increase in active addresses (826,000 as of March 9, 2022 versus 1.04 million as of December 1, 2022). »
Here is IntoTheBlock’s full analysis on Ethereum.
However, top trader Michaël van de Poppe concedes: now is not the best time to buy Ethereum. He thinks another rise is likely, which may suggest you should wait for the next correction. Dutch:
“Ethereum failed to reach TP and, if I had to search long, failed to reach the optimal entry zone.
I’m still waiting for the sequel, which is probably after this outbreak.”
Alternative on Ethereum: IMPT Token – End of presale!
Many Ethereum enthusiasts are also interested in eco-friendly cryptocurrencies like IMPT Token. The team behind the eco-friendly cryptocurrency is developing a platform where environmental protection and shopping can be conveniently combined.
The project has already collected more than $14 million in presale, now this so-called presale is coming to an end: the associated IMPT token can only be purchased under presale conditions for 7 days, because this month IMPT will launch its initial exchange offering (IEO). The forecasts are bullish on IMPT, anticipate a price explosion after the stock market listing!
Here for the IMPT presale