Ether price stalls at $1,630 after gaining 50% in under a week
Price action across the cryptocurrency market was largely subdued on Thursday, as traders took a day to digest gains over the past week and book profits following the biggest relief rally since early June.
Amid speculation about what drove the recent rally, the Ethereum (ETH) Merge has consistently ranked at the top of the list. The market rally shifted into high gear after a tentative date of Sept. 19 was set for the mainnet Merge.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a high of $1,620 on Wednesday, Ether's price retraced to a low of $1,463 in the early trading hours on Thursday and has since climbed back above support at $1,500.
Now that the initial price surge brought on by the Merge announcement has subsided, here’s what several analysts are expecting to unfold as Ether's mainnet transition to proof-of-stake approaches.
Ether's pullback on Thursday is a positive development according to market analyst Rekt Capital, who posted the following chart highlighting the importance of its weekly close above $1,300 and subsequent move higher.
Rekt Captial said:
Thursday's pullback aligns with this outlook and suggests the possibility of a move up to $1,700 in the near future.
Ether’s modest retrace was also an anticipated development by crypto trader and pseudonymous Twitter user Team Lambo, who provided the following chart showing the clear rejection at $1,630 and 10% retracement.
Team Lambo explained in a Twitter post:
Related: What are the long-terms goals for the Ethereum blockchain? Vitalik Buterin explains live at EthCC
A more nuanced analysis of the recent price action for Ether was offered by market analyst CryptoLinns, who posted the following chart noting that the move on Wednesday
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