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Ethereum is Flashing Buy signals, Is ETH Price all Set to Explode?

In the last five days, Ethereum has increased its market cap domination by 1%, putting it above 18.1 percent, which is noteworthy since obtaining 1% in the global market cap dominance in just five days is no joke, especially with all the pump and dump schemes going around. 

Ethereum is proving to be more resilient than bitcoin. Its hash rate has been more resilient than bitcoin’s since eth has lost 20% of its value from its all-time high in May, while bitcoin has lost more than 50%. 

This notion could be supported by two factors. Because ethereum mining is more widely distributed than bitcoin mining, China’s latest mining restriction had little effect on this altcoin. Also, ethereum mining may not be as popular in China as bitcoin mining.

After recovering from a drop below $2,000, ETH has also had a good run in recent days. This follows Ethereum engineer Tim Beiko’s announcement that the long-awaited London hard fork will take place on August 4th at block 12,965,000. 

The $2,400 threshold was recently tested, but it was not breached. A massive smart contract retreat is underway. The $2,400 barrier was recently tried but not broken. The massive smart contract fell back to $2,300, but only for a short time. At the time of writing, ETH was trading at $2214.

Bullish Buy signals For Ethereum?

In the following sessions, the Moving Average Convergence Divergence (MACD) indicator may turn bullish. 

According to Santiment, network growth has increased, indicating that Ethereum’s fundamentals are catching up with its rising price. 

On July 6, almost 103,000 addresses entered the ETH network, up from around 84,700 on July 4. Ethereum will continue to rise if the upward trend continues.

Ethereum is the blockchain with the most “actual usage potential,” according to Goldman Sachs in a letter to clients on July 6. According to the bank, ETH might become the most widely used digital currency. In the coming months and years, according to Goldman Sachs, the overall market valuation of ether (ETH) might surpass that of Bitcoin (BTC). 

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Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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