Ethereum Price Rises Amid Solana Outage
The price of Ethereum has increased by 1.5% in the past 24 hours, reaching $2,366. This rise is believed to be a result of Solana’s first outage in a year.
Over the past week, Ethereum has seen a 2% increase, a 6% increase over the past fortnight, and a 7% increase over the past month. In the last 12 months, Ethereum has experienced a healthy growth of 43%.
While these percentages may not be excessive, with the market expected to enter a more bullish phase soon, Ethereum could see further gains in the near future.
Ethereum Price Prediction and Signs of Recovery
The chart for Ethereum is showing signs of recovery after a turbulent period. The relative strength index (RSI) has risen above 50 for the first time in nearly two weeks.
The 30-day moving average has also turned slightly upwards after remaining flat since the end of last month, indicating returning momentum.
ETH’s support level has remained strong, preventing any major falls. The coin continues to see high trading volumes of around $10 billion per day.
Ethereum’s Potential for Growth and Bull Market
Despite recent setbacks, Ethereum still has room to recover. It remains undervalued compared to its all-time high and accounts for a significant portion of the total value locked in the crypto ecosystem.
The upcoming Bitcoin halving could potentially trigger a bull market, benefiting Ethereum more than other altcoins.
Based on these factors, it is predicted that the Ethereum price could reach $3,000 by summer and even push towards $4,000 by the end of the year.
Diversification with High-Potential Low-Cap Alts
While Ethereum offers steady growth, traders seeking quicker gains may look towards newer and smaller cap tokens.
An example of this is Sponge (SPONGE), an ERC-20 cryptocurrency that recently launched its second version, SPONGE V2. It has rallied by as much as 150% on centralized exchanges and runs on Polygon’s layer-two network.
SPONGE V2 features an improved staking model with a variable rate of return. It will also serve as the native token for an upcoming play-to-earn racing game, potentially increasing its profitability.
Conclusion: Ethereum’s Potential and Opportunities for Profit
The Ethereum price has shown resilience and potential for growth. With favorable market conditions and strong fundamentals, Ethereum could see further gains in the future. Traders may also consider diversifying their portfolio with high-potential low-cap altcoins like SPONGE V2, which offers unique opportunities for profit through staking and gaming rewards.
Sources: TradingView, DefiLlama
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