The price of Ethereum (ETH) has experienced a minor 1% drop in the past 24 hours, slipping to $1,805. Despite this decline, ETH has overall increased by 2.5% over the past week, suggesting a potential recovery on the horizon. However, it’s noteworthy that the coin is still down by 9% over the last 30 days.
ETH’s strong fundamentals might be a contributing factor to a possible rally, as its 24-hour trading volume is slightly above $6 billion, indicating a gradual increase in liquidity. Data on large whale transfers of ETH also seem to support this outlook. Although ETH is recovering in terms of trading volume, it is nowhere near the peaks observed in March and April, which ranged from $16 billion to $60 billion.
Despite recent big transfers pointing towards whales preparing to sell ETH, retail investors could see this as an opportunity to purchase ETH at a discounted price. Ethereum’s impressive fundamentals, such as commanding more than half of the total value locked in the entire cryptocurrency sector and recent adoption news, make it a force to be reckoned with in the market.
Major French bank Société Générale and several other entities have started trialing Ethereum-based applications, attracting more usage and adoption. Additionally, data from Dune Analytics reveals an increase in the ratio of staked ETH to non-staked ETH from 10% a year ago to 16.6% currently. This could lead to a higher demand for ETH as more coins are taken out of circulation, driving its price higher.
However, it’s important to understand that Ethereum is likely to experience gradual rises rather than big rallies and surges. For traders seeking quicker and more dramatic gains, investing in newer altcoins or presale tokens may be a better option.
One such example is AiDoge, a platform leveraging AI technologies to generate memes. With a particular focus on crypto-related content, the platform has already raised over $9.5 million since its $AI token sale began late April. Users can earn rewards in $AI tokens by contributing popular memes, and the tokens can also be used for staking purposes, giving holders credits. Investors can join AiDoge’s presale by connecting their wallets directly and purchasing $AI tokens with various currencies, including ETH, BNB, USDT, or fiat.
In conclusion, Ethereum’s price may be experiencing temporary fluctuations, but it seems the long-term trajectory is promising, with upcoming rollouts making it even more appealing to investors. While the progress might be gradual, substantial gains could be witnessed as the market moves into the next bull cycle.
Source: Cryptonews
