On July 21, the bullish trend for the entire cryptocurrency industry ended up getting subdued. The halt in the bullish trend was recorded as the bulls and investors with positive intent decided to take a day off. It seemed that the investors want to regain their strength before they can continue with their bullish trend.
Overall Performance of the Crypto-Verse in the Past Week
The performance chart of the overall crypto-verse shows that in the past 7-days, the cryptocurrency industry has continued moving in the upper (bullish) zone. The ascending movement of the overall cryptocurrency industry in the past 7-days made it clear that the investors were mainly bullish.
Compared to the month of June, the month of July has proven to be full of excitement for investors with positive and bullish sentiments.
Ethereum’s Bullish Movement
Like the rest of the cryptocurrencies, Ethereum has kept performing really well in the past 7-weeks. However, the performance of Ethereum has been a lot better and more promising than the rest of the cryptocurrencies.
In the past 7-days, the strong performance of Ethereum has kept it on the list of top performing cryptocurrencies.
Ethereum’s Strong Performance
Now, the investors want to know how Ethereum was able to witness a stronger rally than the rest of the major cryptocurrencies. The reason is the announcement of the implementation of Merge, which is a hard fork for the Ethereum blockchain.
The hard fork has been highly anticipated by the cryptocurrency community and the Ethereum community’s anticipation level is very high.
Therefore, the news of the Ethereum “Merge” getting implemented on September 19, 2022, is a huge thing for the entire cryptocurrency community.
Fluctuation in Price of Ethereum
Following the announcement, the trading price of Ethereum experienced a great jump. The data from TradingView shows the price of Ethereum on July 20, went all the way up to $1,620.
However, the following day (July 21), the trading price of Ethereum was retraced to $1,463. Since then, the situation has not become bearish for Ethereum but has made things more promising for the buyers. After hitting a low of $1,463, the trading price of ETH has retrieved some value as it has moved around $1,500.
Analysts’ Assessment of ETH’s Price Movement
According to analysts, the recent movement of Ethereum is a strong indication of a positive move by Ethereum.
As per them, the price of ETH jumped higher and then retraced, which was a price correction for the digital asset. Following the retreat, Ethereum’s price resurged to $1,500, which is now a support mark for Ethereum. The analysts claim that the brief dip was a healthy pullback and it is a strong indication that the trading price of ETH may continue moving higher.
