Ethereum Rallies 7%, ETH Bulls May Drive Prices Beyond $3.2k

Ethereum Rallies 7%, ETH Bulls May Drive Prices Beyond $3.2k

The Ethereum price is up roughly seven percent in the previous trading week, a positive development following worrying losses early last week.

Overall, the Ethereum community is bullish, expecting the coin to outperform Bitcoin and the greenback in the weeks and months ahead.

Ethereum 2.0 Merger Postponed to June 2022

Part of the reason Ethereum holders are bullish is because of the Merger. However, this has been put off until June 2022.

The Merger would have seen Ethereum begin the migration to staking network and energy efficiency. In this arrangement, stakers receive rewards for contributing to the network’s security and decentralization.

At the same time, with a staking system, there will be low ETH emission and overall supporting prices. It is considering the high demand for block space in the world’s second most valuable network.

Ethereum Foundation’s Crypto Holding Rise to $1.6 Billion

In other news, a recent report shows that the Ethereum Foundation (EF) holds slightly over $1.6 billion of ETH.

A significant portion of funds is for continuous research. It secures the network’s development chart even during multi-year bear runs.

Another chunk of ETH held by the foundation is to fund research on Ethereum mainnet, ZK Rollups, and layer-2 scaling. Furthermore, more was used to cater to internal operations.

As the lead development wing for Ethereum, the foundation is crucial. Their ETH holdings are a gauge to determine the firmness of their dedication to the project.

Ethereum Price Analysis

ethereum price analysis

The Ethereum price is bottoming up after fears of early this week. From the daily chart, the coin is up seven percent in the past 24 hours stubbornly within the April 11 bear candlestick. As per the candlestick formation, sellers are technically in control as long as ETH is below $3.2k.

Still, since ETH is reversing from a critical support line flashing with the 50 percent Fibonacci retracement level of the February to March trade range, aggressive traders may find entries on dip. This preview, nonetheless, is only applicable as long as prices are above the $2.95k level. A sharp, high volume reversal below this mark may see ETH crash to $2.7k in a bear trend continuation pattern.

Conversely, if ETH prices continue floating higher from spot rates above $3.2k, the coin may easily retest April 2022 highs of around $3.5k.

Technical charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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