Following the reclamation in the cryptocurrency markets in the outgone month, July, cryptocurrencies are embarking on a bullish trend movement.
Ethereum Gathering Momentum For A Strong Rebound
The leading cryptocurrency by market options, Ethereum, has been predicted to be gathering momentum for a strong rebound in the markets. Ethereum charts and analysis have shown a gradual uptrend in the cryptocurrency market price movement.
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ETH has been making a bull run towards the $1,770 price zone in the market despite the strong resistance level posed in its way. This new movement by Ethereum is paving the way for other Altcoins to follow its lead, making astronomical gains in the cryptocurrency markets.
According to a digital asset analyst, Raoul Pal, the progressive growth of ETH may get the digital currency to the $2k price level soon. Pal asserted that the astronomical gain would increase whale and investors in the coins hedge funds and retail investors.
Raoul, the macroeconomic expert, also stated that Ethereum might likely get to rebound and pose to be a strong competitor for Bitcoin. With the current momentum garnered by ETH in the markets, it poses a more solid disposition than BTC. Pal also stated that the upcoming transition to POS and merge on the Ethereum network contributes to the hike.
Ethereum surges on the daily chart | Source: ETHUSDT on TradingView.com
Currently, Ethereum trades above the $1,500 price level, with a 5% increase during the past 24 hours. If ETH can maintain the movement, a robust gain above $1,700 will be achieved soon. If Ethereum can hit the $2k mark in November 2021, it would indicate the likelihood of achieving an all-time high of $4k.
Ethereum Pulling Other Altcoins Along with Rebound
Altcoins, especially ETC, Cardano, Shiba Inu, DOGE, and XRP, seem to have a great time and exposure in the crypto markets. The new waves and milestones being set by this small network and meme tokens have been astonishing.
High whale activity, an increasing number of transactions, and active addresses on this crypto have been the main drivers. For the next few months, competition amidst these digital assets will be fierce in the cryptocurrency markets.
There are predictions that the meme tokens and cryptocurrencies will compete with others for market exposure. This prediction was made days after Cardano (ADA) overtook XRP (Ripple) to take the 7th position on the market Cap list.
Ethereum also made a new achievement on the 2nd of August, after it overtook BTC in the options markets. This feat was made known by the biggest options market in the United States, Deribit Exchange.
Ethereum has also been driving Ethereum Classic, an independent blockchain network that works similarly to the blockchain. ETH creator Vitalik Buterin also advised miners to take Ethereum Classic as a good substitute for Ethereum after the upcoming upgrade.