Ethereum Price Surges 13.41% in a Month Amid Consolidation
Ethereum's price has seen a significant increase, rising by 1.74% in the last 24 hours and by 13.41% in the last month. This comes as the cryptocurrency is consolidating around $2,700, with traders waiting for its next directional move. According to TradingKey, the Ethereum Trading Strategy remains bearish, with a target price of $2,597 and a pivot threshold at $2,723. If the price surpasses this threshold, the target will be revised to $2,767 and $2,794.
Despite the current rebound, the target remains the same, with the strategy data showing a 45.08% annualized return and a 1.18 Sharpe Ratio. The TradingKey Alpha Gauge is also bearish, with a score of -97, indicating a strong sell signal. The strategy has been in place since inception, with a return of +6430.58% and a today's return of +0.05%.
The Ethereum Merge, which transitioned the network from a proof-of-work to a proof-of-stake consensus mechanism, took place on September 15, 2022. This change is expected to reduce the network's environmental impact and improve its scalability.