- 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.
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.
~$290,280,000 in OI just closed out in an hour on ETH perps (stopped out or liq'd).— Avi (@AviFelman) September 7, 2022
Week away from the merge
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
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:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.