As a seasoned crypto investor with a knack for spotting trends and a penchant for long-term plays, I find myself drawn to Ethereum (ETH) amidst the current market pessimism. While Solana has been making waves and grabbing headlines, I believe that Ethereum is not dead but rather sleeping giants doze before awakening with a roar.
Despite Ethereum (ETH) struggling compared to other cryptocurrencies and reaching multi-year lows against Bitcoin (BTC), leading some to believe that ‘Ethereum is obsolete’, many market analysts are debunking this notion, predicting a significant increase in ETH prices instead.
Analysts Defend Ethereum Against Market Pessimism
As the chorus grows in the market that Solana is better than Ethereum, several market analysts have come to defend the world’s largest altcoin. As per the 10X Research report, the ETH weekly stochastic indicators show the formation of a bottom for the altcoin.
When this indicator dips below 10%, it often indicates a change in direction once more. In the past, such instances have typically signaled the creation of an Ethereum price floor.
From a different perspective, the significant daily trading volume of Ethereum indicates that it’s far from expired. The daily trading volume for Ethereum stands at approximately $12.2 billion, compared to Bitcoin’s $21 billion. Conversely, Solana’s (SOL) daily trading volume is only about $2.7 billion. Given that Ethereum trades more than Solana, it underscores that the most prominent altcoin remains sought after.
Additionally, Ethereum is demonstrating an uptrend on its technical chart by forming successively higher peaks (high highs) and troughs (high lows). Notably, Income Sharks, a well-known cryptocurrency analyst, has pointed this out.
“People often say love is finished when prices hit rock bottom, but we’re still seeing higher highs and higher lows. The bullish trend continues unabated, something that wasn’t anticipated when the price was at $4k. Can you refresh my memory about what transpired when Solana ($SOL) was declared dead at $10?
What Can Lead to ETH Price Revival Ahead?
On a weekly basis, the Ethereum price is currently 7.64% lower, but it’s successfully maintaining its support at around $2,500. Some market experts are considering Ethereum as one of the top three cryptocurrencies that could see an increase in value this week.
Enthusiast VivekVentures highlights three key factors suggesting that Ethereum’s price growth is likely to persist.
- Fundamental: Despite all the pessimism, institutional players are choosing Ethereum to build and expand their products. Asset manager BlackRock launched its first tokenized fund on Ethereum. Similarly, financial giant Visa announced asset tokenization on the platform.
WisdomTree is deploying money market funds on Ethereum while Coinbase, Sony, and Kraken are all developing Layer 2 solutions on Ethereum. - Psychological: Vivek explains that ETH appears to be out of favor with many expecting the altcoin’s “demise”. Thus, ETH is either on a decline or is facing a solid contrarian opportunity, and he believes it’s the latter.
- Technical: For all these years, Ethereum has been competing with Bitcoin while the ETH/BTC pair has been struggling since the Merge. VivekVentures writes that if we believe in market cycles, we saw ETH/BTC stagnate similarly in 2020, only to rally and triple in the first half of 2021.
**Prepare for Ethereum’s Renaissance**
Despite the ETH ecosystem having:
Most developers and well-known applications
ETH feels subdued.
3 reasons why ETH will start winning again – swiftly:
(1/7)
— VivekVentures.eth (@VivekVentures) October 26, 2024
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2024-10-28 13:05