Ethereum (ETH) price is down 1% to $1,805 over the past 24-hours as the cryptocurrency market is down a similar 1%.
ETH is up 2.5% over the past week but is down 9% over the past 30 days, although the second largest cryptocurrency is also up 50% since the start of the year.
Its move comes as its 24-hour trading volume surged to just over $6 billion, suggesting a gradual increase in liquidity could result in significant growth somewhere down the line.
This is also suggested by the data on large whale transfers of ETH, which coupled with strong fundamentals of Ethereum could lead to a bigger rally sooner or later.
$6 Billion Trading Volume Surge As Ethereum Price Predicts – Are Whales Buying?
Despite today’s decline, the indicators for ETH are in a position that suggests that the altcoin may soon recover.
After plunging towards 20 and becoming completely oversold, ETH’s Relative Strength Index (purple) has started rising again and has just passed 50, indicating that it has started to gain some positive momentum Is.
At the same time, the coin’s price is about to climb above its 30-day (yellow) and 200-day (blue) moving averages, something that also points to increasing buying pressure.
Taken together, these two changes suggest that ETH is likely to recover soon, as evidenced by the aforementioned increase in its trading volume, although it should be noted that the $6 billion still seen in April is There are peaks of $16 billion and bottoms of $60 billion. march.
For the time being, it looks like whales are preparing to sell most of their ETH, at least based on recent large transfers.
This may sound disappointing, but it could be argued that it puts retail investors in a good position to buy ETH at a discount, given how undervalued it is at the moment.
And it’s actually undervalued, with the coin boasting perhaps the strongest fundamentals of any cryptocurrency in the market.
This assessment is based not only on the fact Ethereum Commands Over Half of the Total Value Locked in the Entire Cryptocurrency SectorBut also because of the recent adoption news.
This includes major French banks Société Générale is testing a euro-denominated stablecoin on the Ethereum blockchainas well as Visa test USDC payment And Microsoft Is Operating an Ethereum Wallet in Its Edge Browser,
It is likely that Ethereum will continue to see higher usage and adoption than its rivals, while the rollout of staking and withdrawals in recent weeks has made it more attractive to investors.
Data from Dune Analytics It turns out that the ratio of staked ETH to non-staked ETH has increased from 10% a year ago to 16.6% now.
This is significant because it points to a scenario where an increasing amount of ETH will be taken out of circulation, helping to drive up the coin’s price in the process.
And with ETH having a deflationary tendency during periods of peak usage, its price could actually increase during the next bull market.
From $1,800 now, it could easily reach $2,000 in the next few weeks, before potentially rising back to $3,000 by the end of the year.
idog could be better
As strong as Ethereum is, this is the kind of altcoin that is more likely to see gradual growth than big rallies and surges.
This means that traders looking for faster and more dramatic gains may prefer to invest in newer altcoins, including pre-sale coins that can rally massively when they first list.
One of the most popular presale coins right now adogThe AI-powered meme-generating platform that has already raised more than $9.5 million since launching its $AI token sale in late April.
EyeDog uses a mix of advanced AI algorithms and extensive datasets to generate memes that cover just about every topic and topic users can think of, though it has a special focus on crypto-related memes. .
Its platform is designed to be very user-friendly, with the user able to generate memes by simply entering a short text-based description.
Users will also be able to upvote and downvote each other’s memes, with the most popular awarding their creators $AI.
And in addition to paying for access to aiDog’s meme-generating ditches, $AI can also be used for staking purposes, earning holders credits in the process.
Investors can join by visiting its presale adog official website And connecting your wallet before using ETH, BNB, USDT or fiat currency to buy $AI, which currently costs $0.0000312.
This price will increase to $0.0000316 during the next phase of sales, while $AI will be listed on exchanges at $0.0000336.
Of course, if it attracts one or two major exchange listings, its price could go up significantly.