While the two digital currencies rallied sharply in July, ETH showed more signs of profit-taking than BTC. The trading profit and loss ratios of the two digital currencies of ETH are very different.
Ethereum`s anticipated upgrade known as TheMerge is coming. While an event date has yet to be set, the developers have hinted at a mid-September merger.
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With the merger looming, which caused a lot of excitement among investors, ETH whales have been making accumulating tokens a priority. This is one of the factors driving the price of ETH beyond $1500.
For example, many companies, Galaxy Digital, have also shifted their focus to ETH. According to the U.S. Securities and Exchange Commission (SEC), the Galaxy Agency Ethereum Fund purchased $75.6 million worth of ETH. The acquisition was completed on behalf of 12 investors.
Even so, derivatives traders are neutral on ETH. Given the massive sell-off in 2022, these traders may be hesitant.
According to CoinMarketCap in the past 24 hours, ETH is currently trading at $1588.96 after the price rose by 6.54% and reached a high of $1,595.76 during the same period.
