Ethereum, the second-largest cryptocurrency by market capitalization, has started to show signs of a bullish trajectory. Particularly, according to perceptions From CoinSignals, a leading crypto analytics 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 soon. This prediction is based on positive market trends and strong fundamental performance indicators that support sustained value growth.
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Fundamental Strengths of ETH
CoinSignals’ optimism is supported by several key factors that differentiate ETH from its peers, most notably Bitcoin. Unlike Bitcoin, which experiences a selling pressure of around 450 BTC daily, Ethereum, on the other hand, enjoys much less selling pressure, according to CoinSignals.
This reduced pressure is critical for Ethereum, resulting in a more sustainable economy and potentially explosive growth. Furthermore, the platform points out that Ethereum is becoming more popular due to its significant participation in decentralized finance (DeFi) and tokenization of real-world assets (RWA).
Perhaps the most bullish number for Ethereum price growth comes from one of its strongest indicators: ETH staked. According to data from Coinbasearound 27.65% of the total Ethereum supply is currently staked.
In the last 24 hours alone, there has been a nearly 4% increase in staked tokens. Notably, this staking activity not only indicates confidence in Ethereum’s future but also helps further drive its deflationary economics by decreasing the available supply.
Data Ultrasoundmoney’s data shows that since the ETH merge took place in September 2022, the available supply has dropped significantly, with almost 300,000 ETH deleted from circulation.
Furthermore, the tokenization of real-world assets – a sector that has attracted the interest of several institutional investors – is still largely dominated by Ethereum, CoinSignals noted.
#ETH Upper target: $12K – $15K 🚀
– Almost 30% of the offer is staked.
– No daily selling pressure like BTC (450 BTC per day)
– Deflationary Asset.
– All narratives born at ETH.
– RWA and Tokenization Leader.Our recent average purchase price: $2,900 pic.twitter.com/S2HO3lrzR1
– Coin Signals (@CoinSignals_) July 29, 2024
Major players such as BlackRock are expressing interest in the tokenization market, specifically in platforms that are leading 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
Over the past 24 hours, ETH has seen a mix of bulls and bears in its price performance. After a surge to $3,395 in the early hours of Monday, the asset faced a noticeable retractionfalling to $3,253 before now settling at $3,293 at the time of writing, up 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.
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For example, prominent crypto investor Elja recently disclosed in X that ETH trading above $10,000 is already “scheduled” for this cycle. The investor added that buying ETH at current market prices It’s like buying it for $400 in 2020.
Shopping #Ethereal now it’s like
– Buying for $400 in 2020
With $ETH ETF Trading Starting Tomorrow, $10,000+ Scheduled This Cycle! pic.twitter.com/Mq4CzNGonO
-Elja (@Eljaboom) July 21, 2024
Featured image created with DALL-E, chart from TradingView