In recent times, the underdog Ethereum (ETH), colorfully referenced from TradingView data, has made a commendable recovery of a 1.5% increase over the past 24 hours, soaring past $1,800. Characterized by optimistic premonitions tied to expectations of a Bitcoin ETF, the overall cryptocurrency landscape saw a similar uptrend. ETH’s subtle yet impending rise within the previous week, fortnight, and month complements its remarkable 55% return since the commencement of the year.
Analysts suggest a robust uptrend for ETH in the forthcoming timeline, considering it’s been subjected to a substantial sell-off recently. ETH’s standing as an essential network aligns it as a chronically undervalued currency.
Technical indicators speak volumes about ETH’s potential short-term surge . The altcoin’s relative strength index showcases a promising buying pressure, along with the coin’s 30-day moving average gradually climbing towards its 200-day average, indicating further price rises. Despite the support level depreciating since mid-July, overselling places ETH in a promising position for higher values soon.
Industry titans Mike Novogratz and Cathie Wood have epitomized the growing confidence in an eventual Bitcoin ETF approval from the SEC. Though advantageous mainly for BTC, the general cryptocurrency sphere would enjoy a corresponding surge, guided by the ensuing bull market Bitcoin would lead.
One of the key beneficiaries would most likely be ETH, which according to many, has been undervalued. Despite market fluctuations, Ethereum stands as the most colossal primary blockchain platform, accounting for 57.6% of the total DeFi/crypto sector’s value.
ETH’s supply dwindling since its transition to proof-of-stake consensus mechanism in September 2022, and PayPal’s staggering announcement of deploying its stablecoin on the Ethereum network, are contributing factors that could catapult ETH to around $2,500 by year-end.
Ethereum’s power notwithstanding, the market has shown a predisposition towards the sprouting class of altcoins for potentially lucrative short-term gains. The front-runner among these is the Wall Street Memes (WSM), a newly introduced ERC-20 token that has raised over $22.5 million since its June launch, rooted in last year’s meme stocks craze-induced GameStop rally.
WSM’s presale growth has been so significant that it now claims a Twitter profile with over 258,000 followers, painting a propitious future of consistent rallies and strong price support once listed. The decentralized tokenomics of WSM, with half its supply dedicated to the presale and a 30% allocation to community rewards, offers an exciting opportunity for aspiring investors.
However, despite the euphoric expectations, participants are reminded to tread cautiously as crypto investments carry high-risk characteristics and could lead to a total loss of your capital.
Source: Cryptonews
