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Why is Ethereum Price Surged More than 50% from its Lows

Eth Price

Key Takeaways

  • The Ethereum price closed the previous day’s trade at INR 1,16,933.96 with a market capitalization of INR 14.98 trillion and a circulating supply of 121,621,619.25 ETH
  • The ETH price in recent times has absorbed a huge bullish momentum that has compelled the price to surge beyond INR 1.3 Lakhs by surging by more than 50% from its lows 
  • The asset is expected to coil up after a brief consolidation and eventually lay down a clear path towards the crucial levels at around INR 1.5 lakhs at the earliest

Why is Ethereum Price Going Up?

Ethereum Merger

The upgraded version of Ethereum, Ethereum 2.0 kick-started its journey, 18 months before and approaching the crucial phase called the Merger. The hype surrounding the merger, mainly after the successful merge of Sepolia testnet, the price was deeply impacted after the release of the tentative date.

Additional Read: Ethereum Merge Update

Bitcoin Prices Going Up

It is a widely known fact that Ethereum price closely follows the star crypto Bitcoin and as BTC prices soared above INR 18 Lakh, ETH price also swelled massively. 

Growing Adoption of DeFi

Ethereum blockchain is considered the home for Decentralized Finance (DeFi) and its applications. Despite other blockchains growing in the terms of DeFi and dApp, Ethereum remains the leader with more than 200 projects

Institutional Adoption

Institutions are constantly looking out for better investment options all the time and recently, Ethereum appears to be the most desired holding. 

Additional Read: Total Crypto Market Cap above $1 Trillion

ETH Price Primed to hit INR 2 Lakh Soon

ETH Price

Source: Tradingview

  • The Ethereum price after breaking out from the ascending triangle, surged by more than 25% and just got rejected at INR 1.3 lakh
  • Despite the rejection, the prices are believed to remain inflated as the asset is swinging within a bullish flag
  • After a brief consolidation, the prices are primed to surge and smash INR 1.5 lakhs if it successfully rises above the crucial resistance at INR 1.4 lakh

Check latest ETH INR Price, Charts, and Data.

What is Ethereum (ETH)

Launch Date 30 July 2015 
Founder Vitalik Buterin 
Blockchain Protocol Ethereum Chain
Native Token Ether (ETH)
Token Type ERC-20
Market Cap INR 15.42 trillion
Circulating Supply 121,621,619.25 ETH
Max Supply NA
Consensus Method Proof-of-Work (currently), Will be soon shifted to Proof-of-Stake)

Additional Read: How Ethereum Works?

Latest Updates on Ethereum 

  • The Ethereum core developer suggests September 18 as the Merger date

  • Polygon Announced an Upcoming Breakthrough within the Ethereum Ecosystem

  • Ethereum recently announced Ropsten Merge Update

Ethereum On-Chain Metrics Analysis

Daily Active Addresses on Ethereum are Surging High

ETH Price

Source: Etherscan

The MVRV ratio had dropped hitting the bottoms during mid of July. But after a brief consolidation, the ratio has laid down a significant upswing. 

ETH Price

Source: Blockchain.com

The Network Value to Transactions is displaying huge variations as the prices soar high along with the volume

ETH Price

Source: Blockchain.com

Ethereum Price Prediction: Will ETH Reach INR 5 Lakh in 2022?

Ethereum price at present has regained its levels above INR 1 lakh after a tough brawl with the bears. The asset faced a massive rejection a couple of times before, but the current test resulted in a gigantic breakout that may lead the price to as high as INR 1.5 lakh by the end of the monthly trade. The ETH prices have flipped the trend at these levels previous, and hence a minor pullback is quite possible. 

However, the prices are expected to stand firm above INR 1.4 lakh and maintain a significant upswing ahead. The asset may continue to surge until it surpasses INR 2 lakh and eventually secures levels above INR 2.2 lakh by the end of Q3. However, the asset still may be pretty distinct from its highs and may achieve somewhere in 2023. By the end of 2022, the prices may hover around INR 2 lakhs.

Additional Read: Ethereum Price Prediction

Is ETH Price A Good Investment Now?

Ethereum price is always considered a good investment option as it maintains its volatility, avoiding large price variations. ETH prices are displaying huge momentum to ignite a minor bull rally that could uplift the price towards its resistance levels. Therefore, despite the recent jump, one can still consider ETH for investing. 

Prices as of 22nd July, 2022

FAQs

Will ETH's price reach INR 1.5 Lakh in August 2022?

Ethereum price recently surpassed the crucial resistance and hence may witness a minor pullback. However, during the upcoming days, the asset may gain immense bullish momentum and propel high.

What is the current price, circulating supply & market cap of the ETH token?

The current price of Ethereum is INR 127,101.72 with a market cap of INR 15.46 trillion and a circulating supply of 121,621,610.25 ETH.


Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].

The above information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational & educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, virtual digital assets/ crypto products or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as a legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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