Ethereum Price Today: ETH Shows Strength As Volatility Peaks
The Ethereum price continues to struggle as the macro factors remain unfavorable. Ethereum completed a successful merge last month, which was expected to be a major bullish event for the Ethereum ecosystem. However, Ethereum continues to struggle to reach its pre-merge levels. Nevertheless, the crypto market is showing strength in the last hour.
Ethereum rallied by 1% in the last hour and has broken the $1.3k mark again. It is currently trading at $1307 and is up by 0.3% in the last 24 hours. In the last 7 days, ETH has climbed by 6%. However, it remains far below the pre-merge levels.
Bitcoin showed strength as well as BTC climbed by 0.5% in the last hour. It is trading at $19,289.
Ethereum’s rally is also reflected by Solana’s price movement. $SOL rallied by 1% in the last hour and is trading at $29.35. However, Solana continues to be one of the most volatile cryptocurrencies. Despite the rally, SOL is down 1.8% for the day.
Chainlink continues to show excellent fundamentals and has rallied by over 1% in the last hour. $LINK is currently trading at $6.88.
Meme coins Dogecoin and Shiba Inu also rallied by over 0.5%.
Why Is Ethereum Price Rallying Today
The macroeconomic factors continue to affect the crypto price movement. Microsoft, Apple, and Amazon’s solid performance in the third quarter resulted in a rally in the stock market. The crypto market shows a strong correlation with tech stocks and the tech-oriented NASDAQ 100. Therefore, a rally in tech stocks is also reflected in the crypto market.
The Pound also remains stable after the resignation of the UK PM Liz Truss. Truss was the shortest-tenured PM in UK history. She resigned as the UK markets collapsed due to her mini-budget. Finance Minister Kwasi Kwarteng was also sacked earlier in the week.
Will The Rally Sustain
Despite showing strength, the crypto market remains dependent upon global market factors. Reports revealed how oil prices are surging as the OPEC supply cuts will start to go into effect. If true, this can lead to a much more aggressive stance from the Fed to curb inflation levels.
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown
- Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia
- Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
