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Ethereum Price: Merge pre-game party prompts all-year highs against Bitcoin

  • Ethereum price hit its all-year high against Bitcoin as the Merge draws close. 
  • ETH had a strong run against Bitcoin so far in 2022, fueling the flippening narrative. 
  • Analysts predict an Ethereum price rally to $2,500 in the days leading up to the Merge. 

Ethereum’s Merge is the most highly anticipated event fueling a bullish sentiment among holders. ETH price hit an all-year high against Bitcoin, after steady gains over the last nine months. Ethereum bears were hit by massive liquidations in their bets against the asset’s price gain. 

Also read: JUST IN: Ethereum surpassed 1.7 billion transactions, what’s next for ETH?

Ethereum bears lose $300 million in massive liquidation spree

Within an hour on Thursday Ethereum bears lost nearly $300 million as open interest was closed out on perpetual contracts, futures and options. This came as a relief to the crypto market and analysts consider it a bullish sign for Ethereum’s price. 

Ethereum’s unexpected bounce above the $1,600 level triggered a slew of liquidations and stop-loss triggers. Short-term panic was followed by a bullish sentiment among ETH holders as the asset hit an all-year high against Bitcoin. 

ETH price rally continues, analysts eye $2,500 target

Ethereum’s price continued to yield gains since the beginning of 2022. Analysts remain bullish on ETH price in the days leading up to the Merge. After hitting fresh all-year highs against Bitcoin at 0.084, analysts set a $2,500 target for the altcoin. 

Analysts at JJCycles believe Ethereum is poised to hit the $2,500 target ahead of the Merge. Ethereum price yielded nearly 10% gains overnight. 

ETH-USDT price chart

ETH-USDT price chart

The “flippening” narrative that proposes Ethereum’s market capitalization will eclipse Bitcoin’s, has not occurred yet. However Ethereum’s steady gains against Bitcoin since mid-June 2022 are a sign of progress towards the flippening. 

Ethereum's Merge is a gamechanger for the ETH blockchain. The altcoin's journey from proof-of-work to proof-of-stake is key to reducing transaction fees and making Ethereum accessible to all. The two key issues that Ethereum is faced are: High transaction costs and drop in adoption by developers due to competing blockchains like Avalanche, Solana and Cardano. Since November 2020, the Ethereum blockchain started its journey to proof-of-stake, hitting several key milestones along the way. Check the timeline below for a complete overview of what to expect from the Merge and how ETH holders are prepared for the mega event. 

Analysts at FXStreet identified an opportunity for Ethereum price rally as the Merge draws closer. Bulls could benefit from Ethereum’s price gains in the days leading up to the Merge. For more information and key price targets, check the video below:

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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