The price of Ethereum has increased by 0.5% in the previous 24 hours, significantly outpacing the increase in the cryptocurrency market as a whole. At $1,215.91, its current price reflects a 7.5% dip in the past week and a 6% rise in the past month. These price changes coincide with continuous market turbulence brought on by rising interest rates and concerns about the reliability of different trading platforms.
Even though there is still a lot of uncertainty, some analysts are optimistic that when the overall market situation improves, Ethereum (ETH) will perform well. Given ETH’s relative outperformance of the original cryptocurrency since 2021, Bloomberg analyst and well-known bitcoin bull Mike McGlone predicted yesterday that ETH is expected to outperform BTC during the next bull market.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,189.98 |
Ethereum Price Prediction
The chart of ETH points to an increase in momentum and a probable rally at the end of the year. In the past several days, its relative strength index (purple) increased from 40 to indicate an increase in upward buying pressure.
Similar to how ETH’s 30-day moving average has started to move up toward its 200-day average, which might signal a breakout rally if it crosses the longer-term indicator (blue), is red.
Analysts are certain that regardless of exactly when ETH climbs from its current level, it will outperform many other coins during the upcoming bull market. According to Bloomberg’s Mike McGlone, who tweeted yesterday, the ratio of ETH’s price to BTC has been essentially rising since the beginning of the previous bull market in 2021, as was previously mentioned.
It’s debatable if ETH’s fundamentals put it in a good position to do this, but McGlone anticipates this tendency to continue once the cryptocurrency market (and overall world economy) turn more bullish.
First off, the September Merge placed Ethereum on the way to becoming more scalable and effective, and now that it has switched to proof-of-stake (among other changes), it is almost deflationary. As explained in the tweet from Velvet Capital below, periods of increased network activity have a tendency to push it into a deflationary state; this effect will become more pronounced with increasing use and adoption.
With 58.8% of the whole DeFi market, Ethereum already has the largest layer-one blockchain in terms of total value locked in. One could argue that such supremacy will only grow in the future as enhancements allow it to draw farther ahead of its competitors.
It’s interesting to note that recent data shows whales and big investors are now acquiring ETH at the quickest rate in the past two years, possibly positioning themselves for the next bull run and the profits they will make at the expense of latecomers.
In other words, it’s probably a good idea to acquire ETH right now. It is currently 75% behind the $4,878 all-time high, which it may surpass in the upcoming bull market.
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