Ethereum

Here’s Why ETH Could Skyrocket to $15,000 Soon

Published

5 months ago

July 30, 2024

Dall·e 2024 07 29 16.00.45 Create A Featured Image For An Article About Ethereums Potential Breakout To 15000. Show The Ethereum Eth Symbol With Upward Arrows Or Rocket Gra.jpg

Ethereum, the second-largest cryptocurrency by market capitalization, has started showing signs of a bullish trajectory. Particularly, according to insights from CoinSignals, a prominent crypto analysis platform, Ethereum is poised for a significant price rally.

The platform suggests that Ethereum could see its value rise to between $12,000 and $15,000 shortly. This forecast is based on positive market trends and strong fundamental performance indicators supporting a sustained value increase.

ETH Fundamental Strengths

CoinSignals’ optimism is backed by several key factors that differentiate ETH from its peers, notably Bitcoin. Unlike Bitcoin, which experiences a sell-pressure of around 450 BTC daily, Ethereum, on the other hand, enjoys a much lower sell-pressure, according to CoinSignals.

This lowered pressure is instrumental for Ethereum, resulting in more sustainable and potentially explosive growth. In addition, the platform points out that Ethereum is becoming more popular due to its significant participation in decentralized finance (DeFi) and real-world asset (RWA) tokenization.

Perhaps the most bullish figure for Ethereum’s price growth comes from one of its strong indicators: ETH staked. According to data from Coinbase, roughly 27.65% of the total supply of Ethereum is currently staked.

The past 24 hours alone saw a nearly 4% increase in staked tokens. Notably, not only does this staking activity indicate confidence in the future of Ethereum, but it also helps drive its deflationary economics even further by decreasing the available supply.

Ethereum supply change since merge — Ethereum supply has changed since the merge. | Source: Ultrasoundmoney

Data from Ultrasoundmoney shows that since the ETH merge took place in September 2022, the available supply has plunged significantly, with nearly 300,000 ETH erased from circulation.

Moreover, real-world asset tokenization – a sector sparking interest in numerous institutional investors – is still largely dominated by Ethereum, CoinSignals mentioned.

#ETH Blow Off Top Target : $12k – $15k 🚀
– Almost 30% of Supply is Staked.
– No Daily Selling Pressure like BTC (450 BTC Day)
– Deflationary Asset.
– All Narratives Born on ETH.
– Leader of RWA and Tokenization.
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Our Recent Avg Buying Price : $2900 pic.twitter.com/S2HO3lrzR1
— Coin Signals (@CoinSignals_) July 29, 2024

Major players, such as BlackRock, are expressing interest in the tokenization market, specifically those platforms that lead initiatives, such as Ethereum.

The platform’s inherent capabilities make it an ideal foundation for DeFi projects and RWA initiatives experiencing rapid growth and innovation.

Ethereum Market Sentiment

In the past 24 hours, ETH has seen a mixture of bulls and bears in its price performance. Following a rise to $3,395 in the earlier hours of Monday, the asset faced a noticeable retracement, falling back to $3,253 before now stabilizing at $3,293, at the time of writing up by nearly 1%.