Ethereum (ETH) price is down 1% in the last 24 hourshitting $1,805, as the cryptocurrency market saw a similar 1% decline.
ETH is up 2.5% in the past week, but down 9% in the past 30 days. However, the second largest cryptocurrency has also seen a 50% year-to-date rise.
These movements occur when 24-hour trading volume slightly exceeds $6 billionsuggesting a gradual increase in liquidity that could lead to significant increases in the future.
This is also suggested by data on large ETH transfers by whales (whales), which could combine with Ethereum’s strong fundamentals to cause a big upside sooner or later.
Ethereum Price Prediction as We Surpass $6 Billion in Trading Volume – Are Whales Buying?
Despite today’s slight pullback, ETH indicators are in a position that suggests that this cryptocurrency could recover quite quickly.
After falling towards 20 and reaching a complete oversold zone, ETH’s Relative Strength Index (RSI) (shown in purple) has started to rise again and has just crossed the 50 mark, signaling that it is beginning to regain some positive momentum.
At the same time, the price of the cryptocurrency is on the verge of breaking above its 30-day moving average (shown in yellow) and its 200-day moving average (shown in blue), which also indicates increasing buying pressure.
These two changes combined suggest that ETH should recover soon, as was the previously mentioned increase in trading volume. However, it should be noted that the current $6 billion is still far from the highs of $16 billion seen in April and the $60 billion in March.
For now, it looks like the whales have mostly prepared to sell ETH, at least based on the recent big trades.
This may sound disappointing, but it can be argued that this puts retail investors in a good position to buy ETH at a discount, given that it currently remains undervalued.
And it is really undervalued, because this cryptocurrency probably has the strongest fundamentals of any cryptocurrency in the market.
This assessment is based not only on the fact that Ethereum accounts for more than half of the total value locked (TVL) of the entire cryptocurrency industry, but also on recent news regarding its adoption.
This includes trying a euro-denominated stablecoin on the Ethereum blockchain by Société Généralea major French bank, as well as the USDC payment tests by Visa and the driver of an Ethereum wallet in Microsoft’s Edge browser.
It is likely that Ethereum will continue to attract more usage and adoption than its competitors, while the rollout of staking and withdrawals in recent weeks makes it more attractive to investors.
Data from Dune Analytics reveals that the ratio of ETH in stake to unstaked ETH is now 16.6%, up from 10% a year ago.
This is important because it suggests a scenario where increasing amounts of ETH will be taken out of circulation, helping to boost the price of the cryptocurrency.
With Ethereum’s tendency to be deflationary during times of peak usage, its price could actually see a big increase in the next bull market.
Starting from $1,800 currently, it could easily reach $2,000 in the next few weeks, and then possibly back up to $3,000 by the end of the year.
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AiDoge could be better
As strong as Ethereum may be, it’s the kind of cryptocurrency that’s more likely to see gradual rises rather than dramatic surges.
This means that traders looking for quick and bigger gains might prefer to invest in new cryptocurrencies, including pre-sale tokens, which can see a big upside when first listed.
One of the most popular pre-sale cryptocurrencies right now is AiDoge.com, an AI-powered meme generation platform, which has already raised more than $9.5 million since the start of the sale of its $AI token at the end of April.
AiDoge uses a mix of advanced AI algorithms and vast datasets to generate memeswhich can cover virtually any theme and topic that users could imagine, although its particular focus is on cryptocurrency-related memes.
Its platform has been designed to be very user-friendly, allowing users to generate memes simply by entering a brief textual description (prompt).
Users will also be able to upvote or downvote on other people’s memes, with the most popular allowing their creators to receive rewards in the form of $AI.
In addition to paying to access AiDoge’s meme-generating features, the $AI token can also be used for staking purposes, allowing holders to earn credits.
Investors can join the presale by visiting the official website of AiDoge and connecting their wallets, then using ETH, BNB, USDT or FIAT currency to buy $AI, which currently costs $0.0000312.
This price will increase to $0.0000316 in the next stage of the sale, while $AI will be listed on exchanges at $0.0000336.
Of course, if it attracts one or two major exchanges, its price could end up increasing much more.
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This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.