Ethereum trends are higher as it reclaimed the mid-area at around $3,000. The second crypto by market cap stands as the third-best performer in the top 10 by market capitalization. Related Reading | TA: Ethereum Gains Traction, A Strengthening Case For More Gains At the time of writing, Ethereum (ETH) trades at $3,400 with a 7% and 19% profit in the last 24-hours and 7-day chart. Only Cardano (ADA) and Solana (SOL) record a better performance on this rank with a 39% and 26% profit, respectively. The crypto market in general has been trending upwards on the back of relief in macro-economic factors. Trading firm QCP Capital believes the bullish price action comes from the positive reaction to the U.S. Federal Reserve (FED) increase in interest rates. The financial institution began to tighten its monetary policy and hinted at further rates hikes. Bitcoin and Ethereum reacted to the upside as the FED acted within expectations and investors felt more clarity. In addition, ETH’s price seems to be benefiting from the apparent imminent deployment of “The Merge”. An event is set to combine Ethereum’s execution layer with its consensus layer, and fully unlock the network’s Proof-of-Stake (PoS) potential. As ETH is set to reduce its energy consumption, to implement new scaling solutions, a pseudonym analyst called CroissantEth attempted to break down these “fundamental changes” to the network. In addition, the analyst tried t...
