Ethereum’s popularity is growing steadily. This fact is confirmed by the growing price and also by the growing number of requests on Google. According to Google Trend, the number of requests associated with Ethereum is constantly growing. The number of searches”Ethereum merge” has increased significantly. The majority of requests come from Singapore traders, the United States, Australia, and Canada.
After the Ethereum ecosystem has officially switched to Proof-of-Stake the project’s value increased. So, on March 15, Ethereum traded at $2500, and at the beginning of the current week, its price has risen to $3500.
Another price driver can be reducing the speed of Ether mining. It can increase the demand for the asset by users. Moreover, Ethereum can resort to the so-called POW-MINING. Thanks to this strategy, the proposal will increase annually by 3%, which also benefits the value of cryptocurrency.
On the 4-hour chart, we see that in just three weeks, the price of Ethereum added $1000 and reached a mark of 3500. However, this level had sufficient resistance to Ethereum. The ETH/USD pair could not overcome this level from the first time and adjusted to the area of 3300.
The ETH/USD pair meets the nearest resistance near 3400-3420. If the pair succeeds ascend above this area, it will be able to continue growth. In this case, the price of Ethereum can rise to the mark of 3500. The following resistance is near 3525, where the bears can stop the growth of the ETH/USD pair.
If the ETH/USD pair drops below 3300, we will see the movement to the area of 3250. The trading below this level can accelerate the decline. In this case, there is a risk of moving to the mark of 3050.
