Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, is set to follow a bullish path, according to CoinSignals, a platform that provides daily crypto-related news and free buy/sell signals on digital assets.
In a post on its official Telegram channel, CoinSignals highlighted that Ether (ETH) has a much less selling pressure than market leader Bitcoin (BTC), which is facing a sell-pressure of 450 BTC a day. As a result, the platform predicted that the digital asset will trade between $12,000 and $15,000 during this cycle.
#ETH Blow Off Top Target : $12k – $15k 🚀
– Almost 30% of Supply is Staked.
– No Daily Selling Pressure like BTC (450 BTC Day)
– Deflationary Asset.
– All Narratives Born on ETH.
– Leader of RWA and Tokenization.Our Recent Avg Buying Price : $2900 pic.twitter.com/S2HO3lrzR1
— Coin Signals (@CoinSignals_) July 29, 2024
CoinSignals pointed out that nearly 30% of Ether’s total supply is staked. Data from Staking Rewards shows the staking market capitalization of ETH stands at $112 billion, with a staking ratio of 27.75% and a reward rate of 3.34%. In the last 24 hours, the number of staked tokens increased by 3.31%.
Additionally, CoinSignals also highlighted that all the DeFi initiatives originate on the Ethereum blockchain and the network leads the real-world assets (RWA) tokenization sector. The significant interest shown by institutions like BlackRock in tokenization of RWAs also paints a bullish picture of Ether, the native token of the Ethereum network.
According to the data from CoinMarketCap, Ether is currently trading at $3,376.86 with a 4.60% surge in prices in the last 24 hours. The trading volume of the cryptocurrency dropped 29.66% and currently stands at $10.86 billion, with a market cap of $404 billion. However, the digital asset is 31.15% down from its all-time high of $4,891 witnessed in November 2021.
The Relative Strength Index (RSI) for Ether reads a value of 52.09, which confirms that the bulls are currently in control of the ETH price trajectory. Moreover, the gradient of the line suggests that higher prices are possible in the near future. However, the trading volume would need to match March levels for a move towards the $4,000 price level.
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