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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Ethereum
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Here’s What’s Keeping Ethereum From Taking Bitcoin’s Shine, ETH Claims $1,500

Reynaldo Marquez by Reynaldo Marquez
11 months ago
in Ethereum
Reading Time: 2 mins read

Ethereum is finally coming back to life after a long period of consolidation and leading the current bullish momentum in the crypto top 10 by market cap. The slow price action might be boring for most market participants, but an expert believes ETH underwent a critical stage to create a lasting bottom.

Related Reading: Bitcoin Surges To A 6 Weeks High While Crypto Market Cap Tops $1 Trillion

At the time of writing, Ethereum (ETH) trades at $1,550 with sideways movement over today’s trading session and a 20% profit in the last seven days. The meme coin records a 30% profit over the same period. In the crypto top 10, ETH’s price performance is only surpassed by Dogecoin (DOGE).

Ethereum ETH ETHUSDT CHART 1
ETH’s price with bullish momentum on the daily chart. Source: ETHUSDT Tradingview

Ethereum Close To Another Multi-Year Bottom?

Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone believes Ethereum’s migration to a Proof-of-Stake (PoS) consensus will be crucial in its long-term appreciation. In the current macroeconomic landscape, high energy prices and high inflation have taken a toll on global markets.

The U.S. Federal Reserve (Fed) has tightened its monetary policy in response to this situation. As a result, Ethereum and other risk assets returned to their pre-pandemic levels.

Still, the second crypto by market cap has been unable to hold the line close to its 2017 all-time high at around $1,400 to $1,500. As McGlone emphasized, ETH’s price has prevented further downside at these levels despite the Fed implementing its most aggressive strategy in forty years.

In that sense, the expert believes Ethereum is cementing its position “at the epicenter of the digitalization of finance.” McGlone wrote:

(…) the No. 2 crypto may be forming a foundation around $1,000 (…). Our graphic shows the No.2 crypto potentially building a base around the 2018 peak, when global liquidity topped out around plus 14%. Ethereum appears at a discount within an enduring bull market (…).

Ethereum ETH ETHUSDT Chart 2
Source: Mike McGlone via Twitter

The Ultimate Deflationary Asset

If macroeconomic conditions improve and the Fed pivots its monetary approach, Ethereum might finally reclaim previously lost territory and steal Bitcoin’s thunder. The expert hints at a faster decline in the supply of ETH versus BTC.

Related Reading: Meta’s Reality Labs Reports $3.6 Billion In Losses, When Will It End?

Rising demand for digital assets and a decline in supply will prove positive for the second crypto by market cap. McGlone wrote:

(…) new Ethereum supply shrinking more quickly after a protocol change that began moving coins from circulation in August 2021 and this year’s merge. The 52-week rate-of-change in the number of new Ethereum coins from Conmetrics vs. the total outstanding has fallen under 2% and is on path to drop below that of Bitcoin.

Ethereum ETH ETHUSDT Chart 3
Source: Mike McGlone via Twitter
Tags: ETHethereumETHUSDT
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Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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