At press time, Ethereum (ETH) was trading at $2,354, having gained 1.78% within the day as it moved in lockstep with Bitcoin. The cryptocurrency, however, is trading more than 50% below its all-time high (ATH) of $4,700. In comparison, Bitcoin now trades at $80,000, having recovered by about 27% from its February low of $63,000 (about half of BTC’s ATH of roughly $126,000). This raises questions about Ethereum’s shortfall and what lies ahead for ETH.
Ethereum has achieved certain milestones and is undergoing further developments to cement its place in the crypto industry, and possibly drive mark up ETH prices.
According to blockchain intelligence platform Token Terminal, Ethereum now hosts 95.9% of all tokenized commodities. The market cap of these digital assets is now $5.1 billion, representing a greater than 3x growth in just 12 months.
Source: Token Terminal
The surge in demand for tokenized commodities is attributed to investors’ rotation into safe-haven alternatives amid economic uncertainty. Additional advantages include 24/7 market access, fractional ownership, and DeFi utility (e.g., borrowing stablecoins or generating yield).
Still among institutions, Bitmine just disclosed its recent purchase of over 100,000 ETH worth about $240 million. This marks the company’s third consecutive week of purchasing similar amounts. It also solidifies its position as the first among Ethereum treasury companies worldwide.
In terms of blockchain development, more than 100 Ethereum developers recently met at the Soldogn Interop event. Here, they discussed technical goals for the upcoming Glamsterdam update, including fostering transparency, scalability, and privacy with a final note on the Hegota upgrade.
According to analyst Michaël van de Poppe, Ethereum may appear to be lagging behind Bitcoin. He, however, notes that a pickup is expected once the time for altcoins is ripe.
Inflows into accumulation addresses have increased in the past year, according to CryptoQuant, signaling conviction in the coin’s future price action.
Breaking past the $2,400 resistance level on strong volume could pave the way to $2,550. However, rejection of this price could trigger a pullback to $2,270. On the other hand, a larger move to $10,000 would follow a break above $4,350.
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