Ethereum price appears to be prepping for a bullish divergence, as it broke above a critical resistance of $3.01k on Friday. Another 12% rally looks imminent in the short term if the bulls manage to break above $3.3k in the next couple of days.
Despite the bear market sentiments over the past couple of months, the star altcoin sustained well above $3k. If new entities continue to join in ahead of the Proof-of-Stake merger, then the ETH price would possibly be 2x to reach $10k in the next supercycle.
Ethereum Is A Standard Of Cryptoverse And Is Still Undervalued!
Despite all the odds, Ethereum rose by 400% in 2021 and 12x in the Total Value Locked (TVL) reaching $250 billion. The king coin has received a lot of criticization as its PoW consensus mechanism consumes more energy to confirm transactions.
Successively, the platform is likely to launch an Ethereum merger by the second half of the year that aims to reduce gas fees. However, when it could make 4x with slow transaction speed, 2x would be a cakewalk in 2022 with a shift over to PoS.
On the other hand, discussions about ETH killers have been around the crypto-verse over the past couple of years. But is that really possible? Probably not. There might be a Bitcoin killer, but nothing such as ETH killers!
Polygon Is ETH-Friendly, Whilst Solana Lost Its Standards!
Let’s get started with Solana, which has experienced a whopping 10,000% gain in 2021. Yet by the year’s end lost its standards failing to handle network traffic. The network reported with DDoS attack for the first time in September where it has lost 50% of its value.
Although the team has quickly resolved the glitches, they have been recurring often over the past couple of months. Hence, it doesn’t deserve the fame of ETH killer!
On the other hand, Polygon which has been the top player in L2 solutions is ETH-friendly and not an ETH-killer. The ecosystem thrives to scale Ethereum blockchain. As it is one of the best ETH compatible L2 solutions out there, enables fast, secure, and cost–efficient transactions.
Collectively, there are no solid competitors for Ethereum, which has exceptional institutional demand, adoption, Dapps, and human capital committed to it. The king coin has been the foundation stone for other platforms’ evolution which copy and recreate.
Hence, it is not easy to beat the star crypto, instead, ETH can outpace BTC with its strong fundamentals in 2022. Hence, even if the asset rallies 2x, still it looks unreasonable for the crypto.