Ethereum has exploded since the beginning of April.
According to Two Prime, Ethereum is “grossly undervalued” compared to Bitcoin.
If the price jumps above the USD 3000 resistance, the next price target could be around USD 3200.
Ethereum was one of the top players in the cryptocurrency market last month, and the price of this cryptocurrency rose from $ 1922 to $ 2800 in April in April. The current price is around $ 2940, and Ethereum is still undervalued, according to digital asset investment guidance provider Two Prime.
Fundamental Analysis: The daily volume of ETH remains high
Ethereum has exploded since the beginning of April and this cryptocurrency continues to trade in a bull market. Daily volume of ETH remains high, and if this positive trend continues, Ethereum could quickly rise above the USD 3000 resistance.
Ethereum’s network still enjoys a significantly high hash rate, and strong network fundamentals remain one of the key features of Ethereum. The cryptocurrency market continues to attract institutional investors and, according to the latest news, the European Investment Bank will issue $ 121 million worth of digital bonds on Ethereum’s public blockchain.
Ethereum has successfully caught the attention of institutional investors this year, and according to Digital Asset Investment Guidance provider Two Prime, Ethereum is “grossly undervalued” compared to Bitcoin. Netherlands Crypto Currencyconverters.org is popular.
“Based on our analysis of ETH’s price performance, derivatives markets and on-chain data, we believe that ETH has earned a place alongside BTC as an institutional investment, store of value and treasury reserve,” wrote Two Prime.
Bitcoin has surpassed the $ 1 trillion market cap and, according to Two Prime, Ethereum has started to attract institutional investment in early 2021 and still has plenty of room for growth. It is also important to mention that one of the largest cryptocurrency investment companies worldwide, Grayscale Investments, currently owns more than 3.2 million ETH, representing about 3% of the total supply.
This proves that even big players like Grayscale are confident in the future of Ethereum, which is driving a price increase. Grayscale Ethereum Trust’s total value has reached more than $ 9 billion in early May as demand for Ethereum continues to rise.
Technical Analysis: $ 2500 represents a strong level of support
This cryptocurrency has made a huge leap in a short time and if you decide to buy Ethereum (ETH), keep in mind that the price could also weaken from current levels.
Ethereum is currently trading near the USD 2940 level and if the price moves above the USD 3000 resistance it would signal to start trading Ethereum (ETH). The next price target could be around $ 3,200 or even $ 3,500; still, if the price falls below $ 2500, it would be a strong sell signal. Italy Cryptocurrency is popular.
Ethereum has exploded since the beginning of April, and Ethereum is still undervalued, according to Two Prime, provider of digital asset investment advice. Ethereum has successfully captured the attention of institutional investors this year, with the total value of Grayscale Ethereum Trust reaching more than $ 9 billion in early May.