Analysis suggests Ethereum price could push AUD$5,000 soon

Posted: 18 August 2021 6:46 pm
News
ethprice18august_finder_1800x1000

ETH's bi-weekly gains currently stand at an impressive 21%.

  • A survey reveals that Ethereum is more popular amongst Singaporeans when compared with Bitcoin.
  • The past week has seen many prominent DeFi and NFT projects such as AXS, SOL and LUNA scale up to their all time high values.
  • Chinese multinational Alibaba has launched its very own NFT marketplace.

After topping out the last 24-hour trade cycle around AUD$4,500, Ethereum proceeded to dip below the AUD$4,100 mark for the first time in nearly a week. At press time, the altcoin is trading at a price point of $4,211.

On a technical note, it bears highlighting that while ETH has continued to retest its all important AUD$4,000 psychological level, the currency has also seen increased buying pressure recently which suggests that the next major move for the altcoin could be to scale up to the AUD$5,000-$5,500 range.

Ethereum's growing popularity can in large part be attributed to its utility as well as increased adoption in recent months. In this regard, as per a recent report released by cryptocurrency exchange Gemini in conjunction with data aggregator CoinMarketCap and Seedly, a whopping 66% of all Singaporeans who have any sort of financial investments currently hold some amount of cryptocurrency.

To further elaborate, the distribution of crypto assets held by Singaporean investors, as per the report, is as follows: Ethereum (78%), Bitcoin (69%), Cardano (40%) and finally Binance Coin (31%). The survey also found that 1 in 4 respondents own XRP and USDT.

How to buy Ethereum

DeFi and NFT projects skyrocket

With the cryptocurrency market currently in a bullish mode of operation, a growing list of projects that lay an extra amount of emphasis on nonfungible tokens (NFTs) and decentralised finance (DeFi) have continued to accrue value over the last month. In this regard, some of the biggest gainers of the last 30 days include Axie Infinity Shards (AXS), Solana (SOL) and Terra (LUNA), with each project scaling up to its all time high value.

In fact, according to a number of analysts, this recent surge seems to foreshadow the dawn of a new "alt-season". In this regard, independent Twitter analyst "The Moon", believes that a number of altcoins will continue to follow in Bitcoin's footsteps and surge in the near term.

Alibaba enters NFT market

Chinese ecommerce giant Alibaba recently announced the launch of its nonfungible token (NFT) marketplace that will allow trademark holders to freely buy and sell tokenised licences of their private intellectual property (IPR). Dubbed "Blockchain Digital Copyright and Asset-Trade", the platform can be accessed via Alibaba's Auction ecosystem. As per reports, Alibaba is hoping to target writers, musicians, artists and game developers with this initiative.

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.


Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Get into cryptocurrency

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site