As an analyst with over a decade of experience in the crypto space, I have witnessed the ebb and flow of the digital currency market. The recent surge in Bitcoin and Ethereum prices has been intriguing, to say the least.
In the last 24 hours, Bitcoin‘s price surged by approximately 5%, almost reaching its all-time high. On the other hand, Ethereum‘s price has been moving within a consolidation pattern, currently standing about 45% away from its all-time high. Despite intense competition from other layer-1 blockchains, Ethereum, with a market cap of over $321 billion and a daily trading volume exceeding $22 billion, remains the most favored altcoin among investors.
Looking at it technically, Ether’s price has already bounced back from a significant upward trend that started in mid-2022. If Ether’s price can consistently close above the trading range of approximately $2,775 to $2,825, this would confirm the expected surge towards its all-time high (ATH).
Furthermore, the daily Relative Strength Index (RSI) is showing a bullish trend contrary to a possible head and shoulders (H&S) pattern. Meanwhile, the ETH/BTC ratio has touched a significant support trendline following nearly three years of a downward market trend.
In the near future, it’s likely that Bitcoin’s dominance will decrease following its recent reach of approximately 60% – a significant resistance level. This decline could trigger what is known as an “alt season,” where altcoins may gain more prominence. This trend might peak as early as 2025.
Ethereum’s price at $ETH has managed to hold the $2,400 support and could potentially aim for the upper limit of its range, approximately $6,000.
— Ali (@ali_charts) October 29, 2024
Ethereum Price Breakout Is Imminent
Despite Ethereum’s price not keeping pace with Bitcoin’s recent gains, it’s expected to surge ahead soon. Moreover, Ethereum Network holds the top spot in the Web3 arena, boasting a total value locked (TVL) exceeding $50 billion and a stablecoins market cap surpassing $83 billion.
Despite the fact that Ethereum is a dominant force in the blockchain industry, it faces significant competition from emerging layer one networks such as Solana, Tron, and Binance Smart Chain (BSC), among others. These Web3-focused platforms have begun to explore the meme coin space to boost their on-chain activities.
For one example, Solana’s total value locked is approximately $6.3 billion and its stablecoin market cap stands at around $3.7 billion. Yet, it sees nearly 20 times more daily active addresses than Ethereum does. Despite this, the co-founder of Ethereum has expressed confidence in the network’s future expansion, particularly as digital assets and Web3 technologies gain mainstream acceptance.
As a crypto investor, I’ve noticed that BlackRock’s ETHA has consistently outpaced other spot Ethereum ETF providers when it comes to attracting cash inflows. Yesterday alone, BlackRock’s ETHA saw a net cash influx of approximately $14 million, bringing its total assets under management (AUM) to a substantial $1.18 billion.
Looking ahead, it’s predicted that Ethereum’s price will experience increased fluctuations in the coming days due to the upcoming U.S. elections in 2024 and potential Fed interest rate reduction. Additionally, the price of Ether has already demonstrated success by revisiting the optimistic breakout from the bear market that spanned 2022 and 2023.
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2024-10-30 14:24