Ethereum breaks $1.8K first time since June crash up 104% from local market bottom

Ethereum’s price topped $1,800 for the first time since the Terra-influenced market crash in June.

The bullish move comes less than a month after The Merge, scheduled for September. Ethereum rose strongly against Bitcoin on August 8 as it approached a major resistance last tested on August 6.

A break above the 0.07 BTC resistance could be crucial for Ethereum to continue its bull run without Bitcoin supporting the overall market.

However, despite battling this major resistance, ETH has performed strongly against the dollar, hovering at $1,808 at the time of writing. After reaching a local low of $1,300 on July 26th, Ethereum saw very bullish price action where he rose 33% in just 12 days.

The overall crypto market has maintained a $1 trillion market cap since July 27th. Currently, it is stuck at $1.13 trillion as sentiment begins to shift into more bullish territory. Ethereum accounts for his $220 billion of total market cap behind Bitcoin’s $461 billion market cap.

Zooming out to see the big picture, ETH needs to hit all-time highs against Bitcoin in 2017, flippening, and surpassing Bitcoin in market cap. At Bitcoin’s current price, Ethereum would need to maintain around $3,800 to surpass Bitcoin, an unprecedented feat.

With The Merge scheduled for September, all eyes are now on Ethereum and how the beacon chain will perform when it merges onto the mainnet. Vitalik Buterin has downplayed the story of his fork hard to maintain proof of work, officially stating that important projects such as Chainlink only support post-merge proof-of-stake chains.

In the event of a fork and ETHW coins airdropped to ETH holders, there could be increased pressure on the buying side of Ethereum as holders sell their ETHW coins to buy ETH coins on the mainnet.