2 days Ago By Khyathi Dalal
Glauber Contessoto , also known as " Dogecoin millionaire ," expressed bullish sentiments on Ethereum ETH/USD , predicting a parabolic rise for the second-largest cryptocurrency. What Happened: While acknowledging current market frustration over ETH’s underperformance, he believes Ethereum is well-positioned for future growth. He highlighted Ethereum’s appeal to institutional investors, describing it as a trusted blockchain for building applications, unlike Solana SOL/USD , which he labeled a “meme coin blockchain” attracting high-liquidity traders.
Contessoto asserts that institutional investment in Bitcoin BTC/USD will eventually shift to Ethereum for development purposes. His prediction sees Ethereum potentially hitting $15,000 this cycle if Bitcoin climbs to $200,000, emphasizing its role as the next step for institutional players Trader CrediBULL Crypto warned that while Bitcoin is testing its range highs, Ethereum remains stagnant. If Bitcoin faces a rejection at these levels, Ethereum could follow suit.
The trader hopes for either an Ethereum rally to match Bitcoin’s gains or a price dip below $2,800, presenting a buying opportunity. Also Read: Bitcoin, Ethereum ETFs And Tokenized Assets ‘Broaden’ Investor Access Why It Matters: Despite concerns over Ethereum’s sluggish performance, Contessoto and others highlight its strong potential for long-term growth, driven by institutional adoption and its robust blockchain ecosystem. IntoTheBlock data shows large transaction volume increasing by 79.
9% and daily active addresses falling by 6.7%. Transactions greater than $100,000 are up from 5,187 to 8,210 in a single day.
Exchanges netflows are up by 527%. Coinglass data reports Ethereum open interest spiked to $18 billion. Read Next: Raoul Pal Predicted Bitcoin To Hit $250,000—But He Thinks Ethereum Could Outperform Under Donald Trump’s Administration © 2024 Benzinga.
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