The Ethereum price has risen by 0.5% in the last 24 hours, slightly exceeding the wider cryptocurrency market’s increase over the same period. At $1,215.91, its current price represents a 7.5% drop in a week and 6% gain in a month, with these movements coming at a time of ongoing instability for the market, which continues to be plagued by rising interest rates and fears surrounding the financial health of various trading platforms.
Despite the continued uncertainty, some analysts are confident that Ethereum (ETH) will perform strongly when wider market conditions improve. In fact, yesterday saw Bloomberg analyst — and noted bitcoin bull — Mike McGlone predict that ETH is likely to outperform BTC during the next bull market, as suggested by its relative outperformance of the original cryptocurrency since 2021.
ETH’s chart suggests an increase in momentum and a potential end-of-year rally. Its relative strength index (purple) has risen from 40 in the past couple of days, indicating an increase in upwards buying pressure.
Similarly, ETH’s 30-day moving average (red) has begun climbing towards its 200-day average (blue), something which potentially heralds a breakout rally if it crosses the longer term indicator.
Regardless of when exactly ETH moves from its current level, analysts are confident that it will beat many other coins during the market’s next bull phase. As stated above, this is the opinion of Bloomberg’s Mike McGlone, who tweeted yesterday that the ratio of ETH’s price to BTC’s has been more or less increasing since early 2021, during the previous bull market.
McGlone expects this trend to continue once the cryptocurrency market (and global economy) becomes more bullish again, and it’s certainly arguable that ETH’s fundamentals put it in a good position to achieve this.
To begin with, September’s Merge put Ethereum on the path to becoming more scalable and efficient, while its shift to proof-of-stake (as well as other upgrades) now means that it’s very close to becoming deflationary. As the tweet below from Velvet Capital explains, periods of increased network activity tend to tip it over into being deflationary, something which will become more evident with more use and adoption.
Ethereum is already the biggest layer-one blockchain in terms of total value locked in, accounting for around 58.8% of the entire DeFi sector. It’s arguable that such dominance is only going to increase in the future, as its upgrades enable it to pull further ahead of its rivals.
Interestingly, recent data has revealed that whales and big investors have begun accumulating ETH at the fastest rate for two years, potentially preparing themselves for the next bull run and the profits they will make at the expense of people who come late to the party.
In other words, now is likely a good time to buy ETH. It’s currently 75% down on its all-time high of $4,878, a price that it may exceed during the next bull market.
Almost needless to say, investors may have to wait more than a few more months for the next bull market. As such, they may prefer to look at coins with better short-term prospects, and in 2022 presale tokens have stood among the most promising categories for less time-consuming gains.
For example, Lucky Block (LBLOCK) and Battle Infinity (IBAT) witnessed increases as high as 6,000% and 3000% during the summer, compared to their initial presale prices of $0.00015. Likewise, Tamadoge (TAMA) rose by as much as 1,800% after listing for the first time in October.
While there’s no guarantee that the three presale coins below will match such performance, they each come with excellent fundamentals, giving them as a good a chance as any of enjoying notable returns once they list in the New Year.
FightOut (FGHT) is a move-to-earn fitness app that, running on the Ethereum blockchain, combines real-life workouts with Web3. Building on the foundations laid by earlier M2E platforms, it tracks and rewards a wide variety of workouts, including boxing, weightlifting and yoga, while also offering in-app and IRL courses.
Launched last week, its token sale has already raised over $2.2 million, with $1 currently buying you 60.06 FGHT tokens.
Visit FightOut Now
Also running on Ethereum, Dash 2 Trade is a trading intelligence platform that provides investors with real-time analytics and social trading data, helping them to stay ahead of the cryptocurrency market and build more informed portfolios.
The sale of its D2T token has raised over $10.3 million and is now in its final stage. It has also announced listings on BitMart, Changelly Pro and LBANK Exchange for early 2023, with the first due on January 11.
Visit Dash 2 Trade Now
Based on Binance Chain, C+Charge (CCHG) is a new peer-to-peer payment system for electric vehicle (EV) charging stations, having the aim of widening access to carbon credits. It has just launched the presale for its native CCHG token, which is used within its network by EV owners to pay to charge their vehicles.
One of the interesting features of C+Charge is that it will also reward users with carbon credits for charging their EVs at its stations. These will be provided in the form of the platform’s Goodness Nature Token (GNT), which represents a verified voluntary carbon credit, backed by a16z Crypto, Samsung Next, and Invesco.
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A quick 3min read about today's crypto news!
