On July 16, the trading price of Ethereum (ETH) experienced a significant jump, pushing its value higher.
Ethereum Experiences a 12.27% Rally
The trading price of ETH was at a low of $1,204.19, at the beginning of July 16. However, the bulls pushed the trading price of Ethereum higher with their buying power.
Due to the strong buying power of the bulls, the price of Ethereum boosted to $1,372.60 in the mid of the day. The data shows that ETH underwent a 12.27% helping it reach such a high level.
The surge in the price of ETH was a significant jump that was recorded for the second-largest valued asset since June 19. It was back on June 19 when the trading price of ETH had experienced a similar rally.
From that point until now, ETH had experienced no such rally that was the same or at a higher level than the rally recorded on June 19.
Ethereum’s Valuation and Trading Volume Growth
Following the surge, the valuation of Ethereum has continued rising and in the past 24 hours, its valuation has surged by 16.42%. At the time of writing, the valuation of ETH is now worth $156.03 billion. At its peak, the valuation of Ethereum was over $600 billion.
The trading volume of ETH has also surged tremendously. Although the boost is slow yet it holds very high significance as it supports a short-term bullish trend. The trading volume for Ethereum now stands over $18 billion, after experiencing a 2.43% surge.
The data shows that in the past 24 hours, the price of ETH has fluctuated between $1,192.18 and $1,391.44.
Past 7-day Performance of ETH
In the past 7-days, the trading price of ETH experienced a surge as it grew by 5.65%. The graph shows that in the particular period, its price continued trading within the range of $1,012.29 to $1,391.43.
Despite the recent surges Ethereum has experienced, it is still too far away from the all-time high price it hit in the year 2021. To be exact, the trading price of ETH is still 71.78% lower than its ATH. It was back on November 10, 2021, when the trading price of ETH had hit its all-time high of $4,864.06.
Although the price of ETH may not be able to come close to the all-time high level any time soon, yet it is expected that ETH’s price may surge higher. The reason behind the bullish expectations is the implementation of the Merge, which is expected to take place in August.
With the implementation of the Merge, the consensus protocol of ETH will change and multiple issues related to its scalability, latency, and high fees will be settled. This would eventually help ETH experienced a significant rise in its price.