- The Ethereum network has recently been upgraded to quicker scaling.
- Bitcoin is the talk of the town, and its volatile character is apparent.
A year after the leading cryptocurrencies hit all-time highs in April, most are up 200 percent to 300 percent or more. Bitcoin is the talk of the town, and its volatile character is apparent.
Then there’s Ethereum, created in 2013. It is an open-source platform for creating new decentralized apps based on blockchain technology. Major market participants like Goldman Sachs have highlighted to its clients that Ethereum has a strong possibility of exceeding the $660 billion market value of Bitcoin.
ETH Vs BTC
In terms of real-world applications and value storage, Ethereum has greater potential. Unlike Bitcoin, Ethereum symbolizes the future of programmable currency and smart contracts.
Because Ethereum enables the development of new applications on its infrastructure, it may prove to be a more valuable resource in the long run. Many transactions are paid using Ether (ETH), as witnessed lately with the success of NFTs this spring. As a consequence, ether has seen much more transactions than Bitcoin in the past year.
They both feed the ETH blockchain. The Ethereum network has recently been upgraded to quicker scaling and lower transaction costs, driving the token’s price value.
According to renowned crypto analyst and trader Inmortal on Twitter, Ethereum will exceed market leader Bitcoin in the fourth quarter.
In the past 24 hours, Ethereum has traded in a range of $2,930.01 to $3,156. Trading volume fell 19.59 percent to $22.3 billion, with a $368.7 billion market value.
It is ahead of the 100 hourly simple moving average and above $3,000. Also, immediate upward resistance is around $3,135. The first significant resistance is $3,200. If the price closes over $3,200, it may climb further. 3400 may be the next major barrier level. Moreover, it is the 1.618 Fib extension level of the significant decline from $3,105 to $2,651. $3,320 may be an intermediate resistance level.
If Ethereum fails to break through the $3,135 and $3,200 barrier, a downtrend may commence. On the downside, $3,050 acts as first support.
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