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Ethereum Just Surged Past $1,700. What's Happening?

Thu, 07/28/2022 - 16:50
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Alex Dovbnya
The Ethereum price has topped the $1,700 level for the first time since early June
Ethereum Just Surged Past $1,700. What's Happening?
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The price of Ethereum, the second-largest cryptocurrency, has surged above the $1,700 level on the Bitstamp exchange since June 10.

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"Ethereum just flew right through resistance there," James Seyffart, research analyst within Bloomberg Intelligence commented.  

As reported by U.Today, Bitcoin and other cryptocurrencies spiked after the U.S. Federal Reserve hiked interest rates by 75 basis points. The tech-heavy Nasdaq Composite stock index recorded its best day since April 2020 after Fed Chairman Powell’s relatively dovish comments cheered the market.

Notably, this was the biggest Fed-driven Nasdaq rally since former chairman Ben Bernanke slashed interest rates to nearly zero on Dec. 16, 2008, to jumpstart the economy in the wake of the global financial crisis (GFC).

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The Nasdaq is up by yet another 2.67% this Thursday in spite of the recent GDP report showing that the U.S. economy has contracted for the second quarter in a row.

Ethereum is also experiencing strong bullish momentum because of the merge event, which is expected to take place in September.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at