The price of Ethereum has risen by 2.5% in the past 24 hours, with its move to $3,188 coming as the cryptocurrency market lifts by 1.5% today.
ETH is actually still flat in the past week, with the altcoin having gained by a relatively modest 19% in the past month.
And with the second biggest coin in the market also up by only 56% in a year, some may have questions about its performance in relation to other major tokens, such as Solana, XRP, Dogecoin and Cardano.
It’s possible that Ethereum is suffering in the face of Solana’s explosive growth this year, yet its stable position as the biggest layer-one network sets it up nicely for some big gains in the near and more distant future.
Why is Ethereum Slacking This Bull Run? Could ETH Price Have a Breakout Moment Before End of 2024?
Looking at Ethereum’s chart today, it’s regaining some strength after falling quite badly yesterday.
Its relative strength index (purple) had dropped to 35 yesterday, a sign of overselling, but it has since returned to 60.
This signals a return of bullishness and momentum, as does the fact that the 30-period moving average (orange) has just climbed over the 200-period average (blue).
Indeed, such a golden cross is usually a sign of an impending breakout, so now may be a good time to buy ETH before it enjoys a rally.
It’s possible that it may struggle to clear its resistance level (red) today, falling down from $3,200 towards $3,100.
However, such a dip may spur a bigger comeback over the weekend, with the Ethereum price potentially pushing through to $3,300 and beyond.
It’s just a matter of days, $ETH will pump above 3.5k and kickstart its bull market.
This is the catch-up setup. pic.twitter.com/ssmzbkIywY— Wolf
(@IamCryptoWolf) November 21, 2024
Some may be frustrated that ETH has underperformed relative to bigger hitters such as Solana, but some analysts expect its bull market to begin very soon.
In some ways, it has been a victim of its success, with its pre-established size and value making it less attractive than smaller coins.
Yet the fact remains that Ethereum accounts for just over 54% of the crypto sector’s entire total value locked in, and that’s not including Ethereum-based layer-two networks.
It’s still arguable that Ethereum still is the cryptocurrency ecosystem outside of Bitcoin, and while Solana has grown strongly on the back of meme token issuance, the fickleness of the meme coin market could send it back down again.
As such, it would be very unwise to bet against Ethereum, particularly when it still has important upgrades on the horizon.
The Ethereum price could therefore reach between $3,500 and $3,750 by the end of the year, before breaking its ATH of $4,878 next year.
Diversification into New High-Potential Presale Coins
As safe as Ethereum remains, some traders may find its safeness a little too unexciting, with the alt potentially making only steady gains over the next few months.
Those seeking faster, market-beating returns may therefore prefer to look towards smaller cap tokens, including presale coins that look ready to surge once they list on exchanges.
One coin likely to do this is Crypto All-Stars (STARS), an ERC-20 token that has raised more than $4.8 million in its ongoing offering.
Have you heard?! The Meme Vault will put ALL of your favourite memes under one roof! How’s that for cool?
pic.twitter.com/dtr0CX84aY
— Crypto All-Stars (@all_stars_coin) November 20, 2024
The reason why Crypto All-Stars’ presale has been doing so well is that the project boasts some very strong fundamentals, in that it will provide a ‘MemeVault’ in which holders of all meme coins can stake their tokens.
By making use of the ERC-1155 multi-token standard, Crypto All-Stars’ protocol can tokenize any coin, including tokens not running on Ethereum.
This gives it much, much wider reach than it would have had as a normal ERC-20 token, with holders of any meme coin able to stake their holdings with Crypto All-Stars and earn staking rewards.
Yet what’s bullish for STARS is that users who hold more of the platform’s native token will receive greater rewards for staking other coins.
This is very exciting, and could result in substantial demand for STARS once it launches.
The coin has a max supply of 42.069 billion, with 20% going to its presale and 25% going to staking rewards.
Investors can join its sale now by going to the official Crypto All-Stars website, where 1 STARS currently costs $0.0015933.
This price will rise in two days and a half, while it will continue to see price rises before the sale ends.
Buyers should therefore move quickly, since CAS could be one of the big launches of 2025.
The post Why is Ethereum Slacking This Bull Run? Could ETH Price Have a Breakout Moment Before End of 2024? appeared first on Cryptonews.
This articles is written by : Fady Askharoun Samy Askharoun
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