Cryptocurrencies are currently revolutionizing the finance industry, and Ethereum is at the forefront of this revolution. Ethereum, the open-source blockchain platform and second-largest cryptocurrency by market capitalization, is frequently found to be undervalued. Today, nearly 6 more years since its launch, Bob Loukas, a prominent trader, suggests that Ethereum might be hugely under-priced given its usage, adoption and technology compared to caps across the rest of the space.

At the time of writing, Ethereum has been trading at $1,804, after losing 3.68% of its value within the last day. It peaked at $2,000 when it was upgraded to Shapella in April, but was unable to rise above the key marker thereafter. Moreover, Ethereum mining profitability saw an extraordinary boost with the returns earned from meme coins, further attesting to its current domain. Meanwhile, a crypto analyst spotted a Descending Triangle on ETH’s chart, warning that it could fall to $1,550 if the triangle breaks down, which is a common bearish pattern formed by a series of lower highs and has a lower resistance level.

Adding to the list, Binance.US recently announced that it now enables Ethereum staking and unstaking following the Shapella upgrade. All this indicates that Ethereum should soon reach its true value. With the launch of ETH 2.0 expected later in 2021, it is uncertain what the cryptocurrency’s price trajectory will be. All the same, Ethereum remains popular in the world of finance and decentralized applications, making it the perfect choice for individuals and institutions alike keen on entering the crypto space.



Other News from Today