Ethereum struggling to resume its all-time high? Or is it a very normal cycle, which is currently also being traversed by its main opponents on the market? With Bitcoin which pushes towards the reconquest of more interesting levels, it is time to take stock of the situation on ETH.
With the market to be tested it will be around quota $ 3,400, for now resistance symbolic And technique which would seem very difficult to overcome, at least until when BTC will not definitively regain quota $ 47,000.
The prices – certainly not exorbitant – could be a good chance for invest in ETH, pending the approach to target price which were also set by our forecasts.
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The lag of Ethereum behind Bitcoin and against its main competitors
Investors in Ethereum have not gone through a period easy. $ ETH has in fact lost before i $ 4,000 painstakingly regained, then he corrected up close to the $ 3,000, also in conjunction with the upheaval created by fake news on Litecoin.
However, the day opened in a very different way from what analysts expected: Bitcoin he first regained i $ 45,000, then he almost nimbly passed the threshold of $ 46,000, of strong technical value, dragging the whole sector with it, with some very rare exceptions.
Ethereum followed, approaching in great strides a $ 3,400 while not being able to overcome it in a stable way, which will remain at stake for the next hours and probably all night, in what appears to be one accumulation phase, looking forward to the next one bull run.
The ecosystem is in full health
And this thanks to the dozens of projects that run within the protocol of Ethereum, often offering greater scalability like Polygon does, or additional services such as i marketplace from non-fungible tokens. A centrality of the protocol that would not seem to be questioned even by the recent rise of Solana and of Algorand, both among the best in recent weeks.
A good sign, because as we have been saying for a while on the pages of Cryptocurrency.it – in reality there will be space, particularly in the world of decentralized finance – for an organic growth of all the main protocols that revolve around us.
The proof of the 9 remains the transition to PoS
Much needed now that all major competitors of Ethereum they can offer a higher transaction output and infinitely lower costs. As long as ETH will remain on a system PoW it will have no tools to fight against even with protocols that are based on the proof of stake or even in sharding.
A step on which, we remind our readers, all the Ethereum developers are at work – with the EIPs left pending which will probably be until merge, that is up to the conjunction between the testnet which already runs with the new protocol and the mainnet.
The important price levels for the next few hours
For the next few hours there will be different price levels at which to look to understand how the trend could be oriented. Exceeding $ 3,400 is the first fundamental resistance with which to deal, after which there could be room at least up to $ 3,480, to then point directly towards i $ 3,600.
As for the maintenance of the current trend, ETH will have to defend i $ 3,320 before ei $ 3,250 then, considered by the majority of analysts, instruments and market distributions to be values barricade to avoid new discounts.
Sluggish futures market: volumes stagnated since August
If on Bitcoin we have seen a slight increase in the open interest of futures, for Ethereum we have none of this, except for the terrible week in between the first of September and the 6 of the same month.
A kind of dull market which, however, makes it possible to quickly trigger a bull run – who would authentically find some grasslands with greater ease of overcoming resistances currently on the market. Something we will continue to monitor.
Fee downhill, but not too much
The London Upgrade has partly played its role, contributing to the return of fee on the level of last March. However this would still not seem to be enough, because in conjunction with a new one boom for NFTs there was, as becomes clear from the graph we report, a new boom, albeit far from the levels reached during last July.
Returning to what we said above, it will be necessary to switch to a new validation system so that they are no longer there bottlenecks also caused by high commissions, at least compared to competing networks. Our Ethereum forecasts, in particular in view of the transition to ETH 2.0, are more bullish and confident than ever, beyond the noise of the very short period, which will be able to reach i target price set by our specialists.