After going to $42,000, Bitcoin [BTC] is stuck at $36K, while Ethereum [ETH] is too seemingly stuck, struggling to breach the high it hit three years ago. Admittedly, investors now believe that Ethereum was a bad idea. Crypto strategist Lyn Alden pointed out that Ethereum was more of an “unfinished product,” in a tweet.
“TLDR; Ethereum could indeed do very well over the next year in terms of price, but as long as it’s transforming its base layer, it remains a speculation in alpha development, rather than a finished/stable product.”
While hoarding the fact that she doesn’t invest in ETH, Alden found a few people who shared similar thoughts about the altcoin. Preston Pysh of the Investor’s Podcast agreed with Alden as he suggested that he too avoids Ethereum. He said,
“For me, it goes to the heart of “investing” versus “speculating”. With the first, you’re able to define & bound the risks, with the second, you’re surprised by risks.”
While everyone is losing hope in the asset as it hasn’t been able to move past $1.3K, the indicators used in its one-day price chart has been suggesting a possible reversal in trend. At the time of writing, ETH was trading for $1,245.11 with an 8.65% surge over the last 24-hours.
Ethereum eyes bullish market
Ethereum’s one-day price chart had bulls grazing in it. The Bollinger Bands indicator was seen diverged which suggested a surge in the volatility. The Awesome Oscillator indicator affirmed that this rise in fluctuations was for the best as it formed green closing bars. The Chaikin Money Flow indicator was in sync with the current sentiment as it remained above zero.
This bullish notion in the ETH market could spruce up the asset’s journey to its ATH or at least somewhere close to it.
Good news for Ethereum’s market cap
Ethereum had climbed up two spots ahead to 70th position with a market cap of $139,092,100,292 which was way advanced than that of prominent bans like HDFC, Morgan Stanley, Wells Fargo as well as Citigroup. Bitcoin made it to the top ten with a market cap of $669,141,389,929. Bitcoin took the overall market cap of crypto to $1 trillion.
Bitcoin was seen bidding adieu to Visa, Samsung, JP Morgan Chase & Co along with several other mainstream giants.