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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Last Resistance Before Ethereum At $5K? Expert Predicts Q4 In The Green

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
NFT Collector Pranksy Tricked By Fake Banksy For Almost 97.7 Ethereum Coins

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The bulls have taken over the crypto market with Bitcoin and Ethereum recording gains across the board. A year ago, the price action that preceded the end of the year took the market into new highs. The expectations are similar, but experts are yet to find a consensus.

At the time of writing, Ethereum (ETH) trades at $3,466 with a 2.5% profit in the 24-hour chart.

Ethereum ETH ETHUSD
ETH on a rally in the daily chart. Source: ETHUSD Tradingview

In his most recent report for Bloomberg Intelligence, Senior Commodity Strategist Mike McGlone believes the “biggest surprise” would be to not see higher prices for Bitcoin and Ethereum.

Related Reading | Bitcoin Shakes Off Bloody September As Price Breaks $50K, Headed For New All-Time Highs?

The two main cryptocurrencies by market cap have been experiencing short-term bearish obstacles but with long-term bullish fundamentals. The crypto ban imposed by China is one of the most prominent examples.

McGlone expects $40,000 to become the new critical support for Bitcoin in the coming months. Conversely, Ethereum could move into the $2,000 to $3,000 support zone in case of any downside risk.

Both cryptocurrencies have been increasing their price floors after May, June, and July brought in a high amount of selling pressure into the market.

Ethereum has major price tailwinds in the non-fungible token (NFT), fintech, stablecoins, and decentralized finances (DeFi). Thus, the analyst believes ETH’s price is still in its early days of price discovery moving into more appreciation.

Related Reading | TA: Ethereum Could See “Liftoff” if It’s Able to Hold One Crucial Level

The introduction of EIP-1559 has added a new bullish factor for the Ethereum chart. According to McGlone:

Demand and adoption are rising, but our graphic depicts a notable difference from a year ago — plunging supply. At the start of 4Q20, the 12-month rate of change in the measure of Ethereum supply from Mosaic was closer to 5%. Now it’s on track to drop toward 2% because of a recent upgrade

Ethereum Taking Market Share From Bitcoin

It is due to its use cases that Ethereum has managed to attract major players and take over an important market share. As seen below, the second cryptocurrency by market cap is starting to look more of a leader.

Ethereum ETH ETHUSD
Source: Bloomberg Intelligence

The digitalization of money and finances, as the analyst said, will continue to create demand for Ethereum. In the DeFi sector, the growth has been exponential with the total value locked of these assets reaching $100 billion versus the $20 billion recorded in 2020.

On Oct. 4, the market cap of the No. 2 crypto was about 20% of the total, vs. closer to 10% at the start of 2021. Bitcoin’s dominance has weakened to about 40% from 70%. Mosaic and Coin Dance data place Ethereum atop the food chain, indicative of rising crypto values and it’s prominence as the go-to platform for smart contracts, NFTs and decentralized finances.

In that sense, the report claims that investors without a position in the crypto market could be making a similar mistake to missing out on the early days of the internet.

Ethereum ETH ETHUSD
Source: Bloomberg Intelligence
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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