Most of the altcoins in the crypto market are moving upward. Ethereum was able to cross the $1,600 key level as other altcoins following its trend. XRP is running towards $0.40 and Cardano has successfully crossed the $0.5 resistance.
Ethereum formed a high above the $1,500 level and then climbed above the $1,600 resistance. Ethereum is now almost 30% upper from last week. The next key resistance is in the range of $1,650, and if it is crossed, the way to reach $1,720 will be paved.
Considering the bearish scenario if Ethereum takes a bearish trend, the first support at $1,580 and the next support at $1,550 will try to prevent the price from falling further. Crossing these supports increases the chances of the price reaching the $1,500 support again.
Generally, the upcoming Ethereum Merge is helping to catalyze a strong recovery in cryptocurrencies prices. The total cryptocurrency market capitalization has increased 15% over the past week due to the rise in Ethereum price.
To prove this fact traders and investors can check the Crypto Fear & Greed Index. Data shows that the fear and greed index has climbed into the fear zone after spending a long time in the extreme fear territory.
It seems that Ethereum price is fueling the rally in Ethereum-associated projects as they are getting a boost. Looking at the top gainers over the past week, you can see multiple projects associated with the leading smart contract protocol.
One of the outperforming cryptocurrencies in recent days is Ethereum Classic. The ETC price has gained 100% over the past days. This pump is probably due to the anticipation that a miner migration to Ethereum Classic would happen and this can raise ETC price in the long term.
The other notable gainer is Lido DAO (LDO) that is benefiting from Ethereumdevelopments and the merge upgrade. Lido Dao is a liquid staking platform that allows users to stake their ETH in exchange for stETH and focus on removing the limitation of 32 ETH minimum deposit for staking in ETH 2.0.