Ethereum has shaken the crypto industry after its recent price surge. The world’s second-largest cryptocurrency has shown an upward graph since. Ethereum has hit the $2,000 mark following the 5% rise in the last 24 hours.
The crypto giant has surpassed Bitcoin interest for the first time. The data suggest that the current $ETH interest stands at $6.6B, while the $BTC Open Interest is at $4.8B. Glassnode indicates that the market change is a consequence of traders’ inclination towards the mid-September merge.
Analysts predict the future price decline.
Ethereum investors should wrap their heads around the predicted price drop post the September event. Glassnode’s data points out the currency’s fate one month after the price updates. However, several analysts have refused to comment and have decided to play the waiting game, including Ethereum’s co-founder Vitalik Buterin.
The reports also link the merge event to inflation in the U.S. and Europe; investors should be wary of the market’s uncertainties and not risk their investment options.
The market has produced huge returns after a near 100% increase in the price during the previous six weeks. The experts expect the market to remain unpredictable till the merge event. The present market pattern suggests investors’ short-term position.
The market’s volatility might be on display.
Glassnode suggests that Ethereum’s upward price trend might lead to $2,200. However, the market’s fate is unpredictable and highly volatile. The inflation rise in significant parts of the world might influence the decisions of crypto sharks.
The crypto market has experienced a crash in the recent past. Various reports suggest Ethereum might continue its merry way even after the merge.
The crypto investors have a lot at stake, and the market’s future trend might dictate their returns. The market’s unpredicted nature will test many’s patience and be a deciding factor in future trades.