Ethereum, the second-largest cryptocurrency by market capitalization, has started to show signs of an upward trajectory. In particular, according to ideas From CoinSignals, a prominent cryptocurrency analysis platform, it appears that the price of Ethereum is poised for a major price surge.
The platform suggests that Ethereum’s value could rise to between $12,000 and $15,000 soon. This prediction is based on positive market trends and strong fundamental performance indicators that support a sustainable value increase.
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Key Strengths of ETH
CoinSignals’ optimism is supported by several key factors that set Ethereum apart from its peers, especially Bitcoin. Unlike Bitcoin, which is experiencing selling pressure of around 450 BTC per day, Ethereum, on the other hand, has much less selling pressure, according to CoinSignals.
This lower pressure is beneficial for Ethereum, leading to more sustainable growth and potential for an explosion. Additionally, the platform notes that Ethereum is becoming more popular due to its significant involvement in decentralized finance (DeFi) and real asset tokenization (RWA).
Perhaps the most bullish figure for Ethereum’s price growth comes from one of its most powerful indicators: ETH betting. According to data from CoinbaseApproximately 27.65% of the total Ethereum supply is currently in circulation.
The past 24 hours alone have seen an increase of around 4% in tokens being put at stake. Not only does this activity signal confidence in Ethereum’s future, it also helps push its deflationary economy even further by reducing the available supply.
Data Ultrasoundmoney data shows that since the ETH merge in September 2022, the available supply has decreased significantly, with nearly 300,000 ETH wiped from circulation.
Moreover, real-world asset tokens — a sector of interest to many institutional investors — are still largely dominated by Ethereum, according to CoinSignals.
#Ethereum Top Target Blow Up: $12K – $15K 🚀
– Nearly 30% of the offer is at stake.
– No daily selling pressure like BTC (450 BTC daily)
– Deflationary assets.
– All novels are generated on ETH.
– RWA and Tokenization Leader.Our average recent purchase price: $2,900 pic.twitter.com/S2HO3lrzR1
— Coin Signals (@CoinSignals_) July 29, 2024
Major players, such as BlackRock, have expressed interest in the token market, especially those platforms that are leading initiatives, such as Ethereum.
The platform’s inherent capabilities make it an ideal foundation for DeFi projects and RWA initiatives that are experiencing rapid growth and innovation.
Ethereum Market Sentiment
Over the past 24 hours, Ethereum has seen a mix of ups and downs in its price performance. After surging to $3,395 in the early hours of Monday, the coin faced a significant correction, falling to $3,253 before settling at $3,293, at the time of writing, up around 1%.
It is worth noting that CoinSignals is not only predicting a bullish future for ETH, but other prominent analysts in the cryptocurrency community are also doing the same.
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For example, prominent cryptocurrency investor Elja recently a statement Speaking about ETH trading above $10,000, the investor said that ETH trading above $10,000 is already “programmed” for this cycle. The investor added that buying ETH at current market prices is like buying it at $400 in 2020.
buying #Ethereum Now it’s like
-Buy it for $400 in 2020
with Ethereum ETF trading starts tomorrow, and trading volume is set to exceed $10,000 this session! pic.twitter.com/Mq4CzNGonO
– Elia (@Eljaboom) July 21, 2024
Featured image created using DALL-E, chart from TradingView