Ethereum Records 60% Hike in 6 Days and Emerges as the Best Buy Option

Ethereum is experiencing its first-ever successful price rally of 2022

Ethereum is one of the most prominent altcoins in the cryptocurrency market and finally, it has proved its worth by demonstrating a price rally of over 60% within a week! Earlier, experts had predicted that the cryptocurrency might grow in value by more than 400% in 2022, but these aspirations almost broke when the crypto market crashed and the ETH price touched its all-time lows, dragged down by Bitcoin. Ethereum's native token grew by leaps and bounds since its inception, but its value revolved around the US$1,100 mark, even the most avid ETH fanatics believed that its price would soon reach a three-digit parameter which would make it intensely difficult for the crypto to regain back its all-time price barriers from November 2021. But Ethereum's recent price rally over the past six to seven days has sparked new hopes in the investment community. Analysts believe Ethereum might soon overtake Bitcoin to become the largest cryptocurrency in the market.

Currently, based on analyses, the ETH price is hinting toward strong technicals that may trigger a bullish price rally. The bull run that Ethereum investors have been looking forward to is most probably underway as the ETH token is up by almost 25%. At the time of writing this article, the Ethereum price is revolving around the US$1,500 resistance, the much-needed resistance that the crypto has to attain to sustain in the market. This price rally demonstrates that the crypto has surged by more than 50% since its declination below the US$1k mark, earlier this month. But there are still several speculations revolving around the market where skeptics claim that in a bearish market condition, such relief rallies are quite common and that these conditions should not be taken under consideration before deciding to invest in a volatile cryptocurrency like Ethereum for long-term purposes.

But what is the reason behind Ethereum's bullish price rally?

Experts believe that there might be several reasons behind ETH's recent price rally. As of July 2022, Ethereum's ninth shadow fork went live, putting in place some of the final steps towards the migration to a proof-of-stake network. The fork was designed to test the updates that were made in the Sepolia hard fork. These developments aim to maximize efficiency in transactions over the ETH network. Besides this, the crypto market is also quite excited about the ETH 2.0 upgrade that is speculated to be launched in September. The revelation of this information might have been one of the most probable triggers for the recent ETH bullish rally.

After Tim Beiko posted this news on this social media handle, Ethereum slowly began to climb. The recent analyses of this rally also demonstrate that ETH whales have turned bullish again ahead of the Merge's launch. This time Ethereum also dragged Bitcoin along with it that witnessed a relief rally, overcoming its previous resistance and reaching the US$22k mark. The fact that the price rally emerged after CPI revealed the US inflation data is a sort of relief for the thousands of investors in the market who have always believed that the mainstream macroeconomic factors should not adversely affect a decentralized market.

Should you invest in Ethereum right now?

Ethereum's price rally has triggered an improvement in the overall market movements of all other cryptocurrencies, such as Polygon, Solana, and Cardano, to name a few. But as mentioned earlier, Ethereum is still accompanied by intense volatility and bearish trends. This successful price rally will help the crypto overtake Bitcoin soon, but it also depends on the success of the Merge upgrade. So, investors should apply extreme caution before buying ETH tokens right now.