The crypto market has returned to the green with Ethereum (ETH) leading the recovery. The second crypto by market cap has seen bullish momentum on the back of a potential full transition to a Proof-of-Stake (PoS) consensus. The date for this event was announced two days ago. Related Reading | TA: Ethereum Outpaces Bitcoin, Why ETH Could Rise To $1,500 This process will be completed with “The Merge”, an event set for September 19, 2022, with the objective of combining Ethereum’s execution layer with its consensus layer. ETH core developers have successfully carried out this process on the network’s main testnet. As uncertainty around “The Merge” mitigates, crypto investors, grow increasingly bullish. At the time of writing, Ethereum (ETH) trades at $1,480 with a 10% profit in the last 24 hours and a 27% profit in the past week. In the crypto top 10 by market cap, only ETH’s price records such an increase. Bitcoin records a 7% profit in the past week, while XRP and Solana record a 12% and 15% profit over the same period. Data from Material Indicators shows liquidity for the ETH/USDT trading pair has been trending upwards with the price of the cryptocurrency. When ETH’s price broke above $1,350 it was able to quickly move into the $1,400 area. This suggests that $1,300 has been flipped from resistance to support making it a key level in case of future downside price action. As seen below, bids have been moving up with ETH’s ...
