Ethereum, the second-largest cryptocurrency by market capitalization, has begun to show signs of a bullish trajectory. In particular, according to observations According to CoinSignals, a renowned cryptocurrency analysis platform, Ethereum is poised for a significant price augment.
The platform suggests that Ethereum’s value could soon rise to $12,000–$15,000. This prediction is based on positive market trends and powerful fundamental performance metrics that support the steady augment in value.
The main strengths of ETH
CoinSignals’ optimism is supported by several key factors that set ETH apart from its competitors, especially Bitcoin. Unlike Bitcoin, which is experiencing selling pressure of around 450 BTC per day, Ethereum, on the other hand, is enjoying much lower selling pressure, according to CoinSignals.
This reduced pressure is instrumental for Ethereum, resulting in more sustainable and potentially explosive growth. The platform also points out that Ethereum is becoming increasingly popular due to its significant participation in decentralized finance (DeFi) and real-world asset (RWA) tokenization.
Perhaps the most bullish number for Ethereum’s price growth comes from one of its powerful indicators: ETH staking. According to data from Coin baseCurrently, approximately 27.65% of Ethereum’s total supply is staked.
In the last 24 hours alone, there has been a nearly 4% augment in staking tokens. Interestingly, this staking activity not only indicates confidence in Ethereum’s future, but also helps fuel its deflationary economy even further by reducing the available supply.
Data Ultrasoundmoney data shows that since the ETH merger in September 2022, the available supply has decreased significantly, with almost 300,000 ETH disappearing from circulation.
Moreover, CoinSignals noted that real-world asset tokenization – a sector of interest to many institutional investors – is still largely dominated by Ethereum.
#ETH Destroy the highest target: $12k – $15k 🚀
– About 30% of the supply is already secured.
– No daily selling pressure like BTC (450 BTC per day)
– Deflationary assets.
– All narratives born at ETH.
– Leader in RWA and tokenization.Our last average purchase price: $2,900 photo:twitter.com/S2HO3lrzR1
— Coin Signals (@CoinSignals_) July 29, 2024
Substantial players like BlackRock are expressing interest in the tokenization market, especially those platforms that are leading initiatives like Ethereum.
The platform’s inherent capabilities make it an ideal foundation for DeFi projects and RWA initiatives that are characterized by rapid growth and innovation.
Ethereum Market Sentiment
ETH has seen a mix of bullish and bearish sentiment in its price performance over the past 24 hours. After surging as high as $3,395 in Monday’s trading hours, the asset faced a notable pullback, falling to $3,253 before settling at $3,293, down almost 1% at the time of writing.
It is worth noting that not only CoinSignals is predicting an sanguine future for ETH, but other well-known analysts in the cryptocurrency community are also doing the same.
For example, prominent cryptocurrency investor Elja recently revealed on X 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 for $400 in 2020.
Buying #Ethereum now it’s like
– I will buy for $400 in 2020
WITH $ETH ETF trading starts tomorrow, with an amount of 10,000+ USD planned for this cycle! photo: twitter.com/Mq4CzNGonO
— Elja (@Eljaboom) July 21, 2024
Featured image created with DALL-E, chart from TradingView
