Ethereum price ignited a strong recovery from the recent losses as the crypto market sentiments. The second-largest crypto surged nearly 6% since the previous day’s close after hitting a 14-month lower level. However, the ETH prices are expected to continue surging towards the highs to close the monthly trade above $2000. And the top reasons why the price may close the monthly trade on a bullish note are as follows.
Cardano-Ethereum Bridge Goes Live
A bridge to convert users USDC from Ethereum to Cardano blockchain goes live a couple of hours before. The bridge is expected to break the barriers and promote interoperability, accessibility and offer a significant decentralized space for the traders.
No.of Non-Zero Addresses Reach ATH
With the rising hopes of the ETH rally in the upcoming days, the non-zero addresses also reached their peak of more than 81 million. And hence it indicates traders accumulating huge ETH as a significant upswing may be in place with the upcoming merger.
50% of the ETH Circulation is held by Long-Term Holders
The long-term holders of Ethereum are rising hard as nearly 50% of the circulating tokens are held by them. These holders are holding ETH tokens for more than a year, while the possibility of staking on ETH 2.0 also emerges.
ETH Merger on the Cards
As per some reports, as many as 12.7 million addresses have deposited nearly 10.7% of ETH’s total supply. This clearly points out the confidence of the investors in the impacts of the upcoming merger. The merger is expected to carry out somewhere in the month of August 2022 where-in the blockchain’s substantiality will be more accessible to the traders by reducing its energy and computing requirements.
Collectively, Bitcoin and Ethereum prices are expected to stabalize at the earliest and regain bullish momentum to range close to their ATH before the end of the 2022 trade. As predicted by a popular analyst, BTC price could hit $60,000 while ETH price $4000 as the market is in a panic mode which is going to fade soon.
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