To the delight of Ethereum enthusiasts, the most prominent altcoin has finally seen a price surge after struggling for weeks.
Ethereum is the second-largest crypto asset in the world and has substantial support from the crypto community.
Due to the bearish market conditions, seen for the overall crypto market, Ethereum also faced quite a price decline. However, it is now trading closer to the $1,600 price region, details of which are mentioned below.
Bitcoin has also been doing well for the last 24 hours and is trading at $21,977 (at the time of writing).
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Could “The Merge” Cause the Price Surge?
The Ethereum blockchain will soon be transitioned to a proof-of-stake (PoS) mechanism. This is the most-awaited move for the blockchain and is called “The Merge”.
This shift from PoW to PoS mechanism is anticipated to bring several improvements to the network as well. The Merge is now set to take place on September 19 (tentatively).
Ethereum (ETH) was struggling to rise above $1,100 for the past several weeks. It is now reported to be trading at $1,525 (at the time of writing), which is a massive step for ETH. It is nearly an increase of 6.6% over the last 24 hours.
Here is a graph by CoinMarketCap that shows the price movement of ETH over the last seven days.
Many ETH enthusiasts speculate that the price surge noted for the altcoin is due to the upcoming transition to PoS.
Ethereum Classic (ETC) also stood out among the top 100 digital assets as it was reported to gain 22% over the last 24 hours.
There have been several reasons for the widespread decline noted in the crypto market these past few months. Some of the influential factors included the Russo-Ukraine conflict, global inflation and possible recession.
While the crypto market is slightly recovering, the possibilities of any further price fluctuations cannot be dismissed completely.
ETH is one of the most prominent altcoins and if you want to invest in it then make sure you take a look at the Ethereum price chart first and know the right time to invest.
Tips for New Crypto Investors
It is crucial for all novice parties to know tips to get started in crypto investing. It may sound easy to choose a digital asset and an exchange and start buying. However, several aspects are a part of this seemingly simple process.
As a new investor, the more you know about crypto investing, the easier the overall experience can be.
Therefore, people who are interested in buying crypto should know helpful tips, some of which are mentioned below.
- Choose the best exchange to buy Ethereum or any other crypto asset.
- Monitor the price movement of the digital currency you want to buy.
- Know when to invest.
- The initial investment should be a small amount.
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