Ethereum’s Breakout Moment: Here’s Why ETH Could Skyrocket to $15,000 Soon
July 29 2024 - 10:30PM
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Ethereum, the second-largest cryptocurrency by market
capitalization, has started showing signs of a bullish trajectory.
Particularly, according to insights from CoinSignals, a prominent
crypto analysis platform, Ethereum is poised for a significant
price rally. The platform suggests that Ethereum could see its
value rise to between $12,000 and $15,000 shortly. This forecast is
based on positive market trends and strong fundamental performance
indicators supporting a sustained value increase. Related Reading:
Ethereum To Match Bitcoin’s Strength and Surge? Indicators Turn
Green ETH Fundamental Strengths CoinSignals’ optimism is backed by
several key factors that differentiate ETH from its peers, notably
Bitcoin. Unlike Bitcoin, which experiences a sell-pressure of
around 450 BTC daily, Ethereum, on the other hand, enjoys a much
lower sell-pressure, according to CoinSignals. This lowered
pressure is instrumental for Ethereum, resulting in more
sustainable and potentially explosive growth. In addition, the
platform points out that Ethereum is becoming more popular due to
its significant participation in decentralized finance (DeFi) and
real-world asset (RWA) tokenization. Perhaps the most bullish
figure for Ethereum’s price growth comes from one of its strong
indicators: ETH staked. According to data from Coinbase, roughly
27.65% of the total supply of Ethereum is currently staked. The
past 24 hours alone saw a nearly 4% increase in staked tokens.
Notably, not only does this staking activity indicate confidence in
the future of Ethereum, but it also helps drive its deflationary
economics even further by decreasing the available supply. Data
from Ultrasoundmoney shows that since the ETH merge took place in
September 2022, the available supply has plunged significantly,
with nearly 300,000 ETH erased from circulation. Moreover,
real-world asset tokenization – a sector sparking interest in
numerous institutional investors – is still largely dominated by
Ethereum, CoinSignals mentioned. #ETH Blow Off Top Target : $12k –
$15k 🚀 – Almost 30% of Supply is Staked. – No Daily Selling
Pressure like BTC (450 BTC Day) – Deflationary Asset. – All
Narratives Born on ETH. – Leader of RWA and Tokenization. Our
Recent Avg Buying Price : $2900 pic.twitter.com/S2HO3lrzR1 — Coin
Signals (@CoinSignals_) July 29, 2024 Major players, such as
BlackRock, are expressing interest in the tokenization market,
specifically those platforms that lead initiatives, such as
Ethereum. The platform’s inherent capabilities make it an ideal
foundation for DeFi projects and RWA initiatives experiencing rapid
growth and innovation. Ethereum Market Sentiment In the past 24
hours, ETH has seen a mixture of bulls and bears in its price
performance. Following a rise to $3,395 in the earlier hours of
Monday, the asset faced a noticeable retracement, falling back to
$3,253 before now stabilizing at $3,293, at the time of writing up
by nearly 1%. Notably, not only is CoinSignals predicting a bullish
future for ETH, but other notable analysts in the crypto community
are also doing the same. Related Reading: Ethereum Open Interest
Rises By $1.5 Billion – What This Means For instance, prominent
crypto investor Elja has recently disclosed on X that ETH trading
above $10,000 is “programmed” already for this cycle. The investor
added that buying ETH at current market prices is like buying it at
$400 in 2020. Buying #Ethereum now is like – Buying it at $400 in
2020 With $ETH ETF trading starting tomorrow, $10,000+ is
programmed this cycle! pic.twitter.com/Mq4CzNGonO — Elja
(@Eljaboom) July 21, 2024 Featured image created with DALL-E, Chart
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