The Ethereum Price Drops by 2.5% in the Last 24 Hours
The Ethereum price has seen a 2.5% decrease in the past 24 hours, currently trading at around 2019 as of 9:28 a.m. EST.
Despite this drop, one analyst believes that Ethereum will outperform Bitcoin until the end of 2025.
According to Stockmoney Lizards, Ethereum’s shift to a deflationary model after The Merge and triple halving in September 2022 is a significant change that will affect its supply and potentially lead to a higher price.
Ethereum’s Deflationary Aspect and Reduced Supply
This deflationary aspect is a recent development for Ethereum. With the current staking mechanism, more than 28.5 million ETH are staked and not accessible on the market, which constitutes around 24% of the total ETH supply. This proportion continues to grow, resulting in reduced supply and potentially higher prices.
Ethereum Price: Can the Bulls Overcome The $2150 Resistance?
The Ethereum price has experienced a resurgence, bouncing back from the 50-day Simple Moving Average (SMA) and surpassing the $1928 resistance level above the falling channel pattern.
Currently, the price has surpassed both the 50-day and 200-day simple moving averages, indicating a prevailing bullish sentiment and establishing short-term support.
However, bears have exploited the $2150 resistance level, leading to a decline in price. The Relative Strength Index (RSI) is trading downwards at 54, suggesting significant selling pressure. If the RSI retains its neutral level at 50, it could signal an opportunity for buyers to initiate additional positions and potentially drive the price upward.
Overall, the Ethereum price shows a bullish trend, with the potential to exceed the $2150 resistance and reach a high of $2500 in the coming weeks. On the other hand, a breach below the $1928 support level could lead to further decline.
BTCMTX Edging Toward Target
The BTCMTX project is approaching its $5.28 million soft cap, having already secured $4.4 million in funding. The project’s team has set a hard cap of $15 million, allowing investors to secure up to 77.5% of the total token supply.
Investors also have the opportunity to participate in the BTCMTX presale and have a chance to win a reward from the $30,000 prize pool. Additionally, staking BTCMTX tokens can generate passive income with an Annual Percentage Yield (APY) of 133%. However, as more tokens get staked, the APY is expected to decrease.
The CryptoNews YouTube Channel’s Guide on BTCMTX Tokens
The CryptoNews YouTube channel has released a detailed guide on how to buy BTCMTX tokens and stake them for profitable gains. It also provides information about an upcoming airdrop.
To acquire BTCMTX tokens, you need to connect your digital wallet and purchase them using ETH, USDT, BNB, or your bank card.
Hot Take: Ethereum’s Deflationary Model Could Drive Long-Term Outperformance
Ethereum’s shift to a deflationary model after The Merge and triple halving in September 2022 could be a game-changer for its price performance. With a significant portion of ETH staked and inaccessible on the market, the reduced supply is likely to drive prices higher. Analysts believe that this change will enable Ethereum to outperform Bitcoin until the end of 2025. As the demand for Ethereum continues to grow and its deflationary nature becomes more apparent, it could lead to a sustained bullish trend for the cryptocurrency.
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