There are at least two scenarios that most of the market expects
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- Bullish outlook
- recession outlook
Ethereum has finally reached the long-awaited $1700 price level, which is considered a crossroads for it: it will either find some buying power and move towards $2000 or return to the $1,200 range we saw in early July. Will go
Bullish outlook
There are only so many conditions in which we are going to see an increase in the price of Ethereum next week. One of them is the continuous influx into the market prior to the merge update, which positively affects the performance of alternative PoW coins like Raven.
Unfortunately, the hashrate migration pump is mostly speculative as some of the coins that benefit from the rumor may not even technically benefit from the migration hashrate power from the Ethereum network.
At the same time, it is worth noting that the community around the cryptocurrency market is seeing an improvement in sentiment due to the productivity of the past week, which has seen us gain over 15% on various cryptocurrencies.
The total market cap of the cryptocurrency market has once again reached the threshold of $1 trillion.
recession outlook
As we mentioned in one of our market reviews, both Ethereum and Bitcoin’s rallies look suspicious, given that the lack of bullish factors would have positively affected the performance of both assets.
Investors expecting a major crash in the market following the Fed’s decision on the key rate fueled the mostly rally, coupled with a lack of trading volume and a lack of institutional and retail inflows into cryptocurrencies. Fortunately, there were no surprises the market was looking forward to before the meeting, which is why some traders felt fake relief.
If the market encounters a sudden drop in purchasing power, we will fall sharply to the $1200 price level.