John Isige
Ethereum has matured as an asset and a building platform, especially for smart contracts and decentralized applications (dApps). Its emergence as a Bitcoin competitor forever changed the crypto landscape, paving the way for many ecosystems supported by the protocol. However, it soon became apparent newer Ethereum competitors offered faster, cheaper, and less congested networks — the likes of Solana (SOL) and Cardano (ADA).
Ethereum Price Forecast
The volatility experienced by Ethereum has not significantly affected the decentralized finance (DeFi) sector within the ecosystem. A minor dip from the yearly high of approximately $58 billion eased to $47 billion, hinting at positive sentiment in the market.
According to data graphically highlighted by Defi Llama, the total value locked (TVL) in the sector has recovered to slightly above $50 billion, underscoring growing interest in the long-term fundamental outlook.
Ethereum price is slowly making its way to the $3,500 barrier, but first, it must confirm the validity of the support provided by the 20-day Exponential Moving Average (EMA) at $3,364.
Backing the ongoing bullish push is a buy signal from the Moving Average Convergence Divergence (MACD) indicator. Buying pressure is bound to surge behind the token as the MACD rises into the positive region. The forming green histograms also validate the bullish thesis.
Conservative traders are likely to wait until Ethereum price tops the yellow band and the descending trendline resistance – marking the second confirmation of the uptrend.
With Bitcoin halving on the immediate horizon, interest in major altcoins could start to increase exponentially. Although the event is pertinent to BTC, the bullish sentiment associated with it tends to prop the entire crypto market to rally, with some tokens hitting new all-time highs.
XRP: The Pro Ethereum Competitor To Buy?
XRP has witnessed a remarkable 35% increase in trading volume, igniting significant interest among cryptocurrency enthusiasts. According to the latest figures from CoinMarketCap, its 24-hour trading volume has surged to $2.17 billion. Presently, XRP ranks sixth, with a market capitalization of $33 billion.
XRP’s price soared in the past month, reaching a peak above $0.73, driven by a robust bullish wave. This price point has served as a significant resistance level. Nevertheless, following this peak, the price of XRP has seen fluctuations, and it is struggling to sustain its earlier gains.
XRP remains a focal point in the cryptocurrency market, especially as it navigates legal challenges with the U.S. Securities and Exchange Commission (SEC). William Hinman, the SEC’s former director, has significantly influenced the discourse on digital asset regulations, sparking vigorous debate, particularly among XRP supporters.
Currently, XRP has shown impressive resilience, maintaining its position well above the key threshold of $0.59. If this upward trajectory continues, there’s a strong possibility for XRP to reach the $0.85 milestone. With further bullish momentum, surpassing the $0.9 mark is within reach, potentially setting the stage for a rapid ascent to $1.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
