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Despite bearish claims, new on-chain metrics signal Ethereum could be primed for a comeback. With daily trading volumes hitting $12.2 billion, ETH's activity surpasses rivals like Solana, indicating continued demand as analysts anticipate a reversal.
Weekly Stochastic Indicators Signal Ethereum Bottom
According to Coingape, several market analysts have stepped up to support the world's largest altcoin, Solana, as the chorus in the market demands that it be compared to Ethereum. The 10X Research report states that the weekly stochastic indicators for ETH indicate that the altcoin has formed a bottom.
Following a decline to below 10%, this indicator is once again indicating a change in trend. If this has occurred in the past, it indicates that the Ethereum price bottom is about to develop.
Strong Trading Volume Highlights Ethereum’s Continued Demand
However, Ethereum's daily trade volume shows that the altcoin is far from dead. While Bitcoin sees $21 billion in daily trade activity, Ethereum sees close to $12.2 billion. The Solana (SOL) market, in contrast, is worth $2.7 billion every day. More trading volume for Ethereum (ETH) than for Solana (SOL) indicates that demand is strong for the largest cryptocurrency in the world.
Additionally, the technical chart for Ethereum is also showing higher highs and lower lows. Rich Crypto's renowned expert noted:
“Love that everyone says it’s over at the lows. Still making higher highs and higher lows. Supertrend still bullish. No one was saying these things when it was at $4k. Remind me again about what happened when $SOL was dead at $10?”
Analysts Predict a Potential Rally for ETH
Even if it has held its own against $2,500 in support, the price of ETH is trading 7.64% down on the weekly chart. Some cryptocurrency experts predict a rally for ETH this week, along with two others.
Key Factors Behind Ethereum’s Potential Upside
An Ethereum supporter named VivekVentures identifies three factors that will keep the altcoin's value rising.
- Fundamental: Institutional players are still choosing Ethereum to develop and grow their products, despite the gloom. On Ethereum, asset manager BlackRock debuted their first tokenized fund. Credit card company Visa also launched asset tokenization on the network. While Coinbase, Sony, and Kraken are all working on Ethereum-based Layer 2 solutions, WisdomTree is deploying money market funds on the platform.
- Psychological: According to Vivek, many are predicting the "demise" of ETH because of its seeming unpopularity. Consequently, he thinks ETH is either going downhill or is confronting a good contrarian opportunity.
- Technical: Since the Merge, the ETH/BTC pair has been struggling, although Ethereum has been battling with Bitcoin for all this time. According to VivekVentures, if market cycles are to be believed, the ETH/BTC pair had a similar stagnation in 2020 before a rebound and subsequent tripling of value in the first half of 2021.
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