Prominent crypto analyst forecasts Ethereum's rise to $1,900, while analytics firm IntoTheBlock reports over 100 million Ethereum addresses with a balance, signaling increased adoption and usage.
A recent prediction by a prominent crypto analyst suggests that Ethereum is set to rise to $1,900, marking an 18% increase. This prediction is based on an ascending triangle pattern observed on the chart. However, for Ethereum to reach this price point, it needs to secure a firm close above the 18-day SMA. The last time Ethereum hit $1,900 was in July 2023.
The same analyst also made a prediction about Bitcoin, suggesting a correction to $28,800. This is based on the TD Sequential from a 4-hour chart. Despite Ethereum's recent transition from proof-of-work to proof-of-stake, known as the Ethereum Merge, Bitcoin's dominance in the crypto market has continued to rise, now surpassing 52%.
Interestingly, both Bitcoin and Ethereum have outperformed traditional assets such as NASDAQ, S&P500, and Gold. Bitcoin has seen an 80% increase year-to-date, while Ethereum has seen a 35% increase.
According to analytics firm IntoTheBlock, Ethereum (ETH) has reached a significant milestone in crypto adoption. The number of Ethereum addresses with a balance has now surpassed 100 million. This milestone is a clear indication of the growing adoption and usage of Ethereum in the crypto space.
Despite the recent market downturn, Ethereum continues to be a popular choice for investors and users. Although the average daily transactions on Ethereum have decreased from their peak level, Ethereum still outperforms Bitcoin in terms of transaction volume.
Furthermore, the average holding time for Bitcoin is twice as long as Ethereum. This suggests that Bitcoin holders are more likely to employ a longer-term investment strategy.
These developments suggest a promising future for Ethereum, with predictions of price increases and growing adoption. Despite Bitcoin's dominance, Ethereum's performance and popularity among users make it a strong contender in the crypto market. Investors and users should keep an eye on these trends as they navigate the ever-evolving world of cryptocurrency.
