Bitcoin has fallen 1.3% in the last 24 hours – but Ethereum is demonstrating strength. An analyst now expects a breakout at ETH. What does Ethereum expect in the short term?
Ethereum defies the trend
While Ethereum has not seen any significant price gains in the last week, the number 2 cryptocurrency now seems to be heating up slowly. Trading volume has increased by around 73% in the last 24 hours, and the Ethereum price has risen almost 5%. This is currently achieved in the crypto top 10 alongside ETH only Solana (SOL) and Polkadot (DOT). Currently, Ethereum is trading at $ 3,329 and has even left Bitcoin behind in the recent market recovery. What’s next for the top smart contract platform from here?
Top analyst Scott Melker, among others, deals with this in a new analysis. According to Melker, Ethereum is in a critical area at the moment: Ethereum must rise above $ 3,330 – then there is a chance for ETH to reach up to $ 4,384. Currently, the price is just below.
Similarly bullish, the popular pseudonymous trader and investor “Crypto Rand” (@crypto_rand on Twitter) comments on Ethereum’s prospects. He says succinctly: Ethereum is ready for departure – as soon as it breaks the $ 3,400 range.
– Crypto Edge (@crypto_rand) August 31, 2021
Many other traders and analysts express a similarly optimistic view of Ethereum’s near-term prospects. Including about the much-quoted @CryptoCapo_ with more than 151,000 Twitter followers or “MoonrockCapital”managing partner Simon Dedic, who is currently responsible for “super bullish” considers.
Think what you want, but to me $ETH looks super bullish right now.
– Simon Dedic (@scoinaldo) August 31, 2021
NFTs and DeFi Drive Ethereum Higher and Higher
Aaron Arnold, host of the popular Youtube channel “Altcoin Daily”, also expects massive profits at Ethereum in the foreseeable future. In his estimation, the second-ranked cryptocurrency by market capitalization is ” ready for the breakout.” As a justification, Arnold states, among other things, that there is less and less Ethereum since the EIP-1559 update came into force. At the same time, however, demand is growing. More than 100,000 ETH have already been destroyed, for example, by the heavy use of NFT platforms, DEXs and DeFi apps.
For example, you can easily understand this on the website “Watch The Burn”: the portal shows live the amount of Ethereum (to buy from eToro or Libertex) that has already been burned. Currently: 146.938 ETH.
Also in favor of Ethereum is the success of decentralized finance, according to Arnold. He commented: Measured by the amount of capital tied up in Ethereum ($85 billion), Ethereum would already be the 20th largest bank in the world by market capitalization. DeFi had “literally exploded”. His conclusion:
“We can only expect this trend to continue.“
You can check out his entire Ethereum analysis here.