The U.S. dollar weakened and the stock market went up on Friday.
At 6 a.m., the world's largestcryptocurrencies was worth $20,741.55. It fell to its lowest level since mid- June.
ether, a digital coin, was up 4%. The total market value of cryptocurrencies increased again.
This year has seen a stunning rally in the U.S. dollar, which has led to a slight decrease in the value of the currency. The U.S. dollar index was down about 1% on Friday morning.
The U.S. stock index closed higher on Thursday. The U.S. markets tend to rise when the stock index goes up. When the dollar weakens, there is an increase in the price of digital currency.
Since June, when the price was around $18,000 to $24,000, it has not been possible to break that pattern.
The vice president of corporate development and international at Luno said that Friday's rally could be a retest of the price.
Ayyar said that unless it breaks that level and closes above, it's still a bearish rally.
The Federal Reserve has hiked interest rates aggressively this year, taking the shine of risk assets such as cryptocurrencies, which have been battered this year
There have been failed projects and high-profile bankruptcies in the industry.
Proponents of the merger say it will make the network more efficient.
The merger is expected to be finished in September.
In the run-up to the event, the price of ether has far outpaced the price of bitcoins.
When the US Consumer Price Index is reported next week, financial markets are looking for signs of cooling inflation. The Fed's rate hike path is something investors are watching.
The Fed Chair said on Thursday that he is committed to fighting inflation.
Yuya Hasegawa, a market analyst at Bitbank in Japan, said that if inflation cools and there is anticipation around the ether merger, it will be possible for the price to reach $22,000.
Hasegawa said that too much optimism could be dangerous.
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