The crypto market has opened the month of August on a bullish note and now all the major cryptocurrencies are flashing green. Along with Bitcoin, Ethereum price too has gained its crucial price level.
Meanwhile Michael van de poppe expresses his bullish stance on Ethereum during his recent technical analysis session. As per the analyst, if Ethereum price hit a target of $1,700, the currency could see a bull run from that level.
Van de Poppe is of the opinion that the lead altcoin is steadily headed towards the $2,000 mark. He says the currency has already seen its bottom and there is no much downfall from here.
The first reason for his prediction is that the Ethereum merger which is scheduled for September will ignite the bull run because of FOMO. The second reason is FED’s interest rate hike.
Ethereum Price Reclaims $1600 Area
On the other hand, Ethereum price has regained its $1,500 price area and is currently trading at $1,651 with a surge of 1.86% in the last 24hrs. The currency’s market capitalization too stands on a positive level at $201 billion.
However, yet the second cryptocurrency by market cap is down by 67% from it’s all-time high of $4,891 in November 2021.
An increasing number of people are worried about what will happen to Ethereum and its miners after the switch to the new proof-of-stake consensus method, which is mostly to blame for Ethereum’s downward price action.
Anyone can stake 32 Ethereum in order to become a validator on the optimized system instead of buying huge devices to verify transactions. Validators are paid a reward for their services, but they risk financial loss if they act dishonestly.