It’s unusual for an altcoin to dominate the cryptocurrency market. However, that appears to be the narrative in the crypto atmosphere at the moment, with ETH tearing price charts apart. The leading alternative token started the day slow, but it gained more than 12% within the past seven days.
Furthermore, Ethereum gained over 60% within the past month. Undoubtedly, this week’s $2K breakout attracted individuals within the cryptocurrency community. The sharp upside emerged after the blockchain accomplished the final testnet.
The Start Edges Closer
Nevertheless, the Ethereum storm seems to have calmed. The leading alt hovered beneath the resistance of $2K during this publication. However, that hasn’t stopped flooding talks on social media platforms, especially about the Merge.
Lunar Crush revealed ETH topped social activity charts among large-cap cryptos. The swift social activity surge remains visible in Ethereum’s social volume index. The chart shows ETH consistently kept a high metric value over the last few weeks. Indeed, the PoS transition attracts increased investor interest.
The analytic platform Glassnode revealed that Ethereum 2.0 contracts touched 13,302,229 Ether total value ATH. The uptick emerged on August 14. That matches the surging confidence by the crypto investors in ETH’s most resourceful upgrade in its history.
Also, Glassnode stated that ETH trading saw increased profitability lately. That remains logical as price maintained upswings after rebounding from June’s bottom. Furthermore, the MVRV hit a three-month peak at 1.226 on August 14. The previous high appeared on August 13 when the index touched 1.225.
Not Everything is Shifting
Some ETH miners will retain their operations on the PoW mechanism. Data from IntoTheBlock shows that ETHPow implied valuation at $114 price is well beyond $10 billion. This cohort will likely meet some hurdles as Circle’s USD and Chainlink oracles vowed to back ETHPoW. Nevertheless, they have persuaded exchanges like BitMEX, Poloniex, and Huobi to back their ETHPoW coin.
Analysts believe Ethereum could consolidate around the resistance at $2,000 until the awaited Merge. The leading altcoin will likely remain on the radar of analysts and investors due to the massive changes expected after the Merge.