ETH Rally Continues as Soft Merge Deadline Has Been Announced

© Reuters ETH Rally Continues as Soft Merge Deadline Has Been Announced

• ETH broke through the $1,400 level in a relatively short time recently.
• ETH’s price retraced back below the $1,400 level, according to CoinMarketCap.
• The 24 hour liquidations for ETH totaled $285.58 million.

The largest altcoin by market cap, Ethereum (ETH), has broken through the $1,400 level in a relatively short time recently. ETH broke above the $1,400 level following a 24-hour increase in price of more than 10%.

According to CoinMarketCap, the price of Ethereum (ETH) at the time of writing has retraced slightly as it finds itself back below the $1,400 level, with its price at $1,356.80. Despite dropping below the $1,400 level, ETH’s price is still up by around 12.94% over the past 24 hours. ETH’s price is also up over the last week by around 13.87%.

The altcoin’s price set a 24-hour high of $1,378.42 and a 24-hour low of $1,195.61, and has also strengthened by 9.11% against the crypto market leader, Bitcoin (BTC).

Investors speculate that the recent pick up in ETH’s price may be mainly attributed to the ETH developer’s team giving an expected time for the launch of the merge. The merge time has now been tentatively scheduled for September.

Total ETH liquidations Source: Coinglass

Data from Coinglass shows that the total ETH liquidations reached $4.11 million in the last hour at the time of writing. The 24-hour total liquidation for ETH is at $285.58 million.

ETH’s daily chart Source: CoinMarketCap

ETH’s positive performance over the past 24 hours has added to its multi-day green sequence as can be seen from the daily chart of ETH/USDT above. The sequence saw ETH’s price flip the $1,200 level relatively comfortably.

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