Amid the turmoil in the digital currency market, the price of Bitcoin soared to $23,000, and Ethereum surged 17%, setting off a rally. This wave of gains not only affected the digital currency itself, but also promoted the rise of related cryptocurrency concept stocks. As the market fluctuates, so does the mood of investors. Let’s delve into this round of digital currency craze and see the causes and impacts.

Bitcoin (BTC) has finally shown a strong upward trend in recent days. It was close to US$23,000 earlier and is now trading at US$22,886. It has surged 9.12% in the past 24 hours and stands at its highest point since early June; Ethereum’s The increase is even stronger. At the time of writing, the highest price reached US$1,631, and it is currently trading at US$1,612, up 16.91% in the past 24 hours.

Ethereum has generally lagged behind Bitcoin in recent months. According to Coinmarketcap data, ETH has risen 42.35% in the past seven days, more than three times more than Bitcoin. Technical Analyst Klejdi on TradimgView
Cuni said: After more than a month of price correction, we can see a clear breakthrough in price action. This is an expected reversal area that I have been watching for a long time, and as we can see, ETH is up almost 60% from the bottom and the price has just broken out of the flag pattern.

He expects Ethereum's next resistance level to be the previous high, around $1,700; however, he does not rule out that ETH will briefly pull back to around $1,500 before continuing to challenge upwards.

 **Ethereum Goerli testnet will merge on August 11th**

As for why Ethereum has been so strong recently? Perhaps it is influenced by the good news that the merger continues to promote. According to recent public information from Ethereum developers, Ethereum’s last test network Goerli will be merged on August 11. The TTD (final confirmation difficulty) of Goerli’s merger is expected to be determined early next month. In addition, 120BTC.com reported earlier that if all goes well, the ETH mainnet merger plan will be carried out in the week of September 19.

 **Bitcoin 200WMA may become a resistance level**

In addition, regarding Bitcoin, although the crypto market has witnessed the demise of multiple protocols and large institutions in the past few months, it has cleared a lot of leverage in the ecosystem. However, the United States recently announced record-breaking CPI, coupled with the macro backdrop of the Ukraine-Russia war, rising energy prices, and tight supply chains, there are lingering worries about economic recession.

Michaël van de, founder of eightglobal
Poppe tweeted last night: The current price level of Bitcoin is still below the 200-week moving average (WMA) resistance level, and it is not expected to be a key area that can be easily broken. However, he believes that it will break through $22,600 after a slight consolidation, and expects that a large number of longs may be activated in the near future to push the price to $28,000.

 **Driving the rise of related cryptocurrency concept stocks**

It is worth noting that the rebound in the cryptocurrency market has also brought related concept stocks back to life. For example, the cryptocurrency exchange Coinbase, whose share price has dropped by nearly 80% this year, once jumped by more than 60 US dollars after the opening on the 18th, closing at 58.67 US dollars. up 9%. The share price of MicroStrategy, another company that holds a large amount of Bitcoin, also rose by more than 10%, closing at $225.63.

The stock prices of cryptocurrency mining players also rebounded strongly, with Marathon Digital closing up 21.39% and Riot Blockchain also rising 11.85%.