This is why Ethereum 2.0 stands to be the greatest HODL incentive for ETH investors

surged by more than 60% in just 10 days, and spiked from just above $1,000 to roughly $1,650. This strong uptrend highlights the strong demand for ETH and it places the next major price target at $2,000 but will it recover above this level by the end of the month?

The sharp recovery came after the market confirmed that the risk of downside had subsided. Such a rapid recovery confirms that investors have been eager for the market to recover so that they can ride the bulls. However, this is not the only reason why ETH registered such a strong recovery.The Ethereum community has been preparing for Ethereum 2.0 transition for months now. The merge will take place soon and a major update will be released in August.

ETH’s realized capitalization has steadily declined during the month. This confirms that most of the buyers paid a lower purchase price than ETH’s current market price. Many of the buyers in the last three months are thus in profit.These metrics confirm that investors have been heavily accumulating ETH ahead of the merge. The lack of a subsequent sharp selloff confirms that many of them are looking for mid-to-long term gains.

ETH’s current level is still relatively low and demand at current levels might contribute to recovery above $2,000 before the end of July. If not, the intense demand will likely manifest in August. However, investors should still watch out for unexpected pullbacks which will offer opportunities to investors at lower prices.Subscribe to get it daily in your inbox.

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