Ethereum is an open-source decentralized blockchain that works as a platform for many other cryptocurrencies. The second-largest crypto after Bitcoin offers a wide variety of use cases other than simply extending a tradable asset or a medium of exchange. Despite some of the concerns, Ethereum is considered the undisputed leader in the world of Smart Contracts and DeFi.
Ether or ETH is the native coin of the ethereum platform which is generated by the protocol and used to reward the miners who confirm and add blocks to the blockchain. The ETH price had a slow yet steady rally which grew nearly 600% since the beginning of 2021. However, the asset also witnessed a couple of rejections on its way to smash $5000, yet appears poised to achieve the milestone at the earliest.
Ethereum Fundamental Analysis
Ethereum is the land of Smart Contracts which works indefinitely to strengthen the world of Decentralized Finance or DeFi. These are the two most important products, Ethereum blockchain pioneered and the others followed.
No doubt there are some limitations, but the platform has already laid the foundation of the second layer blockchain, Ethereum 2.0, which intends to overcome the limitations of the traditional Ethereum platform. Currently, the ETH Foundation has rolled out Phase 0 of ETH 2.0 by launching the Beacon Chain which intends to make the ETH price deflator.
In the coming days, more upgrades are yet to come under the ETH 2.0 chain and the most important upgrade of merging the current Proof-of-Work and Proof-of-Stake is scheduled for June 2022. This is said to be the most important upgrade which might impact the ETH price to a large extent.
Will Ethereum(ETH) Price Hit $5000 in 2021?
The Ethereum crypto price since the beginning of the year 2021 has been maintaining an upward trajectory. Despite multiple pullbacks yet the asset managed to sustain above the strong support levels at that time. The asset always follows a slow yet steady upward trajectory intending to minimize steep losses as in the other crypto assets. And hence the Ethereum cryptocurrency is considered one of the most stable investments in the crypto space.
Amid the recent bull run, the ETH price got rejected very close to $5000. But without wasting much time, the asset is currently on its path towards the ATH. Despite the ATH being pretty much distinct, yet the asset could reach its goal with just a small push. The Ethereum dominance in the crypto space is also increasing day by day and hence the ETH price surge may also ignite the much-awaited Altseason very soon.
Factors Affecting ETH Price Today
The ETH crypto price experienced huge losses during the May crash and hence since then, the asset showcased a well-balanced. The RSI is hovering over the average levels for the past couple of days, refusing to visit lower levels. And hence accumulating a little strength a notable surge may be on cards. On the other hand, MACD is showcasing minute buying and selling pressure in the past fortnight. However, MACD maintaining an uptrend points out towards an upcoming surge.
Adding to the substance, the NFT’s specifically the Metaverse built on Ethereum, have boomed in the past couple of months. The rising demand for these NFT’s and Web 3 applications could heavily impact the ETH price. Also, the DeFi’s built on Ethereum are all set to surge shortly. The price of one Ethereum today is $4382 with a minor jump of $1.06. Following a similar trend and pace, the ETH crypto price may smash $5000 very soon
Where To Buy Ethereum(ETH)
Ethereum is the second-largest and the most popular asset in the crypto pairs. Moreover, many traders also prefer buying Ethereum and trading with ETH pairs instead of fiat or USDT or BTC. Therefore all the exchanges do offer Ethereum and ETH pairs to their customers. On the other hand, if you are in search of a trusted platform to deal with and want to know how to invest in Ethereum, CoinDCX is India’s most trusted cryptocurrency exchange that offers safe, secure and hassle-free trades.
The official CoinDCX app is perfect for crypto beginners or experienced traders looking to conveniently buy or sell Ethereum(ETH). Instantly buy Ethereum(ETH) with a Mobikwik wallet enjoying ZERO transaction fees, UPI, debit card, or credit card. Users can start their crypto journey with a nominal amount as low as INR 100.
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