ETHEREUM WHEN BULLISH - ETHEREUM IS LAGGING HARD RIGHT NOW
Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no financial advisor, trader or expert, this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research, never follow what I or other people say on internet
ETHEREUM WHEN BULLISH - ETHEREUM IS LAGGING HARD RIGHT NOW
Past month has not been easy for ETHEREUM and Binance Smart Chain is just making it worst for the price of ETHEREUM but hardcore supporters and that large fanbase / market that ETH has I believe is still strong, high fees per transaction are probably hurting the usage of the token since when ppl get tired of paying high fees move to other networks now BSC as a second good option, consider ETH just went up from $100 last year around this time putting ETH holders at a 2000%ish gains for 1 year so taking profits and at least putting those profits on BSC network was not such a bad idea considering right now BNB the token use to pay fees on BSC consider BNB is about 1/5 of the current ETHEREUM price.
Its funny how when you compare projects some ppl just feel the NEED to come out and defend it, Im not talking trash about ETH, I hold ETH, Im mining ETH and I want it to go up but the price is not doing sht same for the development, EIP-1559 wont solve high fees and the irony is now BNB started as an ERC-20 then copy/paste the entire concept of ETH, not saying the code, but even the scanner has such similarities and that's not fraud its just taking the good things of an idea an improve it.
Enough talking about how bad is ETH right now to transact because really is just that, high fees, network still stable and secure, cant complain on that department, lets check out the chart.
ETHEREUM/BITCOIN 1W Chart
This is the chart I want to see going up, considering ETH is an altcoin it still the second biggest market on this space, seen alts like ETHEREUM go up on its BTC and USD value is not crazy compare to others that most of the time just keep going down in BTC price, if Bitcoin keep going up we might see ETH going back down to the 0.025 sates potentially with a bottom of 0.023 that was Dec 4,2017 bottom and has serve as a base in many locations, considering BTC keeps going up for the next months that's not bad for the ETH/USD price
ETH already touch the $2k range this year and anybody who got in last year is in good shape, the ETH/BTC 1W could start signaling positive momentum soon, not yet, there is the EIP-1559 release schedule for this year around July but we all know how is ETH with its release gets delay over and over, there have been some good news or at least speculative news
Hut 8 Buys $30M Worth of Nvidia’s New Crypto Mining GPUs
Its not for sure they buying to mine ETH but on average that's the most profitable coin right now when it comes to GPU mining so there has to be some sort of insight since EIP-1559 would bring down its profitability but there are other factors in place like cooling, energy and space, depends how efficient there facility is.
Ethereum has rate has been growing nonstop, this means a potentially more secure and stable network when it comes to comes
ETH Daily Transaction Volume
Getting close to its peak of Daily Transaction Volume of 2018, this NTF and DeFi craze is still pushing the market but its not yet seen price wise on ETH
The biggest DEX so far UNISWAP still stays strong keeping all that ETH going around and they recently is about to release its third version V3
The NFT market is booming and still most of the platforms where you can trade NFTs are on top of ETH, yes gas fees are high but for some reason ppl are appreciating a lot artist work and how "rare" this NFT can become, Im not into NFT but there are some that will blow your mind as an example the most recent promo video for UNISWAP
An Ad for Uniswap Just Sold for $525,000 as an NFT
Also consider that more and more ETH is getting lock down many ways, the two biggest markets locking down ETH are ETH Staking pools. Getting to that first target of 0.054 sates would put ETH around $3k considering BTC price.
ETH 1W USD
Considering how fast ETH went up in USD price after braking key level of $700 it only took ETH 2 months to get to new all time highs of $2k, I dont see why it would be hard for ETH to hit $3k probably before June considering the market remains the same, even if there some sideways movement it cant close candles under $1400 for it to remain bullish same as BTC cant close under $45k.
Be clear Im not bashing your precious ETH, Im bullish on ETH, if they can work out the high fees issue I think ETH can explode and see something like what BNB did, users are still using ETH despite the high fees and part of this is because NFT is booming and DeFi keeps pupping yield out of their tokens and contracts.
Once this fee issue gets solve I think we could see ETH hitting levels from $3k to $5k easy without problems, I would like that to happen this year and its totally possible, ETH Proof of Stake could take another year or two considering how fast ETH development move so I dont think POW is going anywhere and even if EIP-1559 reduce miners fee as long as the price keeps going up mining ETH will remain profitable.
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