- Ethereum is predicted to surpass Solana on key valuation metrics, signaling a potential rise to $7,000, according to Standard Chartered.
- Analysts suggest Ethereum could see values as high as $10,000 under Trump leadership.
- Ethereum recently rebounded from a critical support level near $2,400 and aims to challenge the $2,490 resistance level.
Ethereum (ETH) is gaining traction as analysts at Standard Chartered foresee it outperforming Solana in key valuation metrics, predicting prices could touch $7,000. The leading altcoin demonstrated resilience, as shown in the recent market trend, emphasizing Ethereum’s robust potential.
Ethereum’s Competitive Edge Over Solana
A report by Standard Chartered, led by Geoff Kendrick, highlights that Ethereum’s market evaluation offers several convincing metrics over Solana. Ethereum’s market cap versus network fee revenue ratio makes it a more viable choice than Solana’s by over double at 250.
- Ethereum controls a significant 38% of the blockchain developer pool, compared to Solana’s modest 9%.
- With an annual supply growth rate of 5.5%, Solana trails behind Ethereum, whose inflation rate stands positively at 0.5%.
Kendrick explains that in scenarios of emerging market leaders, Solana might surge ahead of Ethereum and Bitcoin if Trump is elected. In contrast, should Kamala Harris assume office, Solana may lag behind these major cryptocurrencies. Analysts anticipate Ethereum could carve new all-time highs of $7,000 under Harris and $10,000 if Trump returns – a notable decrease from earlier predictions of $14,000 by 2025. Read more about crypto market trends.
Ethereum’s Price Movement: Aiming for New Heights
With the current Ethereum trading approximately at $2,430, the market has seen significant liquidations, totaling $18.93 million in the derivatives segment. Long positions account for $10.89 million, while short positions contribute $8.04 million. Following a pivotal bounce from $2,400, ETH targets the $2,490 resistance, though a hurdle near the convergence of 50-day and 100-day SMAs presents challenges.
A successful breach of this resistance could propel ETH towards $2,596, with market indicators like RSI and Awesome Oscillator maintaining neutral ground. A drop below $2,395 would, however, dispense with this positive outlook.
Illustration: Ethereum/USDT four-hour outlook
The balancing act between bullish and bearish momentum continues, as showcased by the market indicators. Such a dynamic environment underscores the intricate patterns Ethereum is navigating. For more gaming and financial insights, visit Reuters.
Ethereum Frequently Asked Questions
Ethereum is an open-source blockchain empowering smart contract functionality and hosts Ether (ETH), which currently ranks as the second-largest cryptocurrency. The platform supports decentralized finance (DeFi), GameFi, NFTs, DAOs, and more.
Ethereum functions as a public blockchain where various applications can be built without needing central control. Leveraging the Solidity language and Ethereum virtual machine, developers can efficiently deploy smart contract-enabled applications.
Smart contracts are verifiable codes that enforce agreements autonomously between parties, executing predefined actions when certain conditions are met.
Staking involves earning yields on dormant crypto assets by securing them within a protocol over specified durations. Since September 2022, Ethereum’s shift to Proof-of-Stake (PoS) enhances scalability, security, and sustainability.
Gas fees on Ethereum measure transaction costs. Amidst network congestion, these fees can soar, prompting validators to prioritize fee-rich transactions.
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