Ethereum (ETH): The Closest Competitor to Bitcoin’s Dominance!
The news regarding the first step to turn into a less power-consuming cryptocurrency with a higher emphasis on improved efficiency will help expand the real-life applications of Ethereum in the modern business ecosystem. ETH already supports a large number of tokens on its para chains. Ethereum could be a potential number one cryptocurrency with the possibility of dethroning BTC’s dominance in the crypto space.
For now, Ethereum’s market cap is valued at $513 billion and is merely 130% away from BTC’s peak market capitalization of $1171 billion. Consistent evolution and bringing new technologies could help ETH jump above $10000. It will be interesting to see which of them first realize their target. Will Ethereum price be reaching $10,000 first, or will Bitcoin be reaching $100,000 before ETH realizes that value?
Ethereum Price Analysis
Ethereum shows potential to breach $4500. The consistent buying action and slowly rising value despite consolidated volumes are educating a higher buying sentiment. RSI trading at a higher level above 60 indicates a lot of positive movement.
Ethereum cryptocurrency has strong resistance at the $4500 level, which will not be easier to breach. However, ETH making a consistent all-time high with each profit booking shows a deeper and higher interest of Ethereum investors in taking it to $5000 and beyond. According to Ethereum price prediction by experts, buying sentiment has largely remained in the same range since last month, but the value of ETH at the same time has risen by close to 40%. Is it not a positive stance?
Ethereum has never breached its 200 DMA, which can be seen climbing consistently with ETH’s rise in value. 200 DMA is currency hovering around $3000 with a strong possibility of taking off towards $4000 in the days to come. The immediate support negative the profit booking effects can be seen building around $3900 levels, but $4000 will also be a strong psychological level to accommodate a higher price momentum in the next few months.
Consistent lower wicks in the last two days indicate a profit booking stance being negated by buyers who are taking advantage of lower levels to create a buying scenario.