The second-largest cryptocurrency by market cap, Ethereum, has soared 45 percent during the past week, outperforming the majority of other betable assets. There could be a simple explanation for this: As Ethereum’s team of developers approaches the conclusion of a multiyear, extremely difficult upgrade, traders are shifting positive. Ethereum Surge The second-largest cryptocurrency by market cap, Ethereum, has surged by about 45% over the past week, outperforming the majority of the top 100 crypto assets. While there are many theories surrounding ETH’s bullish trend, one of the main drivers of price movements is the impending Ethereum merger. Trading in ETH has changed from bearish to bullish as developers get closer to finishing a multi-year, extremely difficult upgrade. The entire ETH supply in profit has now risen to 56% with the intense social expectation of the Merge, from lows of 41% just prior to the current price spike. ETH/USD trades in new bullish momentum. According to statistics from Glassnode, a significant clearing out of short positions in the futures market was the reason for Ethereum’s 22 percent gain this week. Glassnode tweeted: “Over $98M in short futures positions were liquidated in one hour, pushing $ETH prices up by 12.5%.” The Number of ETH Addresses in Loss (7d MA) reached a 1-month low of 39,112,029 at press time, further demonstrating ETH’s recent bullish trend. So...
