ETH increases 27% in 7 days, can it keep up this momentum?

Ethereum (ETH/USD) is one of the largest cryptocurrencies in terms of market capitalization.

In fact, ever since it was released, Ethereum has grown tremendously in terms of popularity, and so has the size of its ecosystem.

Ethereum is the home for a lot of decentralised applications (dApps, and non-fungible tokens (NFTs) and has laid down the groundwork for decentralized finance (DeFi) due to its smart contract support.

Shadow fork 9 launch and $150 million liquidation as catalysts for growth

Ethereum is staging a comeback rally due to reports of an update on its path towards “The Merge.” 

Specifically, Ethereum’s Shadow Fork 9 went live on July 14. This was the ninth shadow fork, and it assessed the feasibility of the updates and releases brought on by the Sepolia hard fork testnet, which switched to Proof-of-Stake (PoS) on July 6.

According to data from Coinglass, on July 16, 2022, Ethereum saw $150 million in liquidated ETH positions. 

The largest single liquidation order was done by FTX, which carried a face value of $2.81 million. In the last 24 hours, as of July 18, this number is at $141.74 million.

Both of these factors have contributed to the growth of the Ethereum (ETH) cryptocurrency, which saw an increase in value of 27% in the last 7 days.

Should you buy Ethereum (ETH)?

On July 18, 2022, Ethereum (ETH) had a value of $1,479.16.

When we go over the all-time high point of value for the Ethereum (ETH) cryptocurrency, we can see that Ethereum reached a value of $4,878.26 on November 10, 2021.

However, when we go over the performance of the token throughout the previous month, Ethereum (ETH) had its highest point of value on June 1 at $1,960.7. Its lowest point of value, on the other hand, was on June 18 at $897.59.

Here, we can see that the cryptocurrency decreased by $1,063.11, which is a decrease of 54.22

However, from the span of June 18 to July 18, the cryptocurrency increased in value by $581.57 or by 64.79%.

With this in mind, we can expect Ethereum (ETH) to reach a value of $2,000 by the end of July 2022.

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