Ethereum may hit AU $19k if it is able to maintain its current path, expert suggests
ETHs 30-day gains currently stand at 11%
- A number of altcoins including RUNE, QNT, PERP have surged by over 30% over the last 24 hours.
- Coca-Cola has decided to enter the NFT market for a charitable cause.
- The last 30 days have seen Etherem closely follow Bitcoin's price action.
After plummeting to a relative low of AU $2,370 just over a month ago, Ethereum has continued to push ahead in recent weeks, gaining a cool 26% over the last 14 day time window. At press time, the altcoin is trading at AU $3,250.
In terms of where the asset may be headed in the future, independent crypto analyst TradingShot recently spotted a trend wherein Ethereum's current fractal movements seem to be closely resembling its price action back in March 2020. As a result, TradingShot believes that there is a real possibility that the asset may scale up to a price point of $14,000 in the near-to-mid term. "Technically… the next top will be at $2.5k or higher", he added.
Lastly, in the wake of the ongoing marketwide rally, a number of prominent altcoins have continued to gain marketwide traction, with THORChain (RUNE), Quant (QNT), and Perpetual Protocol (PERP) surging by 30+% each.
Coca Cola enters the NFT market
One of the world's most prominent companies Coca Cola has decided to make its foray into the non-fungible token (NFT) market, albeit for a charitable cause. In this regard, the multinational is looking to release a set of unique tokens endorsed by the company via Opensea, a prominent NFT marketplace, starting July 30.
The NFTs have been devised in conjunction with digital artist Tafi and are meant to raise money for the upcoming Special. On the subject, Global Coca-Cola Trademark president Selman Careaga was quoted as saying: "Each NFT was created to celebrate elements that are core to the Coca-Cola brand, reinterpreted for a virtual world in new and exciting ways."
It bears mentioning that over the last 30 odd days, ETH has continued to showcase a massive level of correlation — currently hovering around 90% — with Bitcoin, which seems to suggest that such a trend may likely continue in the future as well.
Lastly, with the US Federal reserve all set to reveal its updated financial plans in wake of rising inflation rates, it will be interesting to see how Ethereum's financial future pays out from here on end.
Disclosure: The author owns a range of cryptocurrencies at the time of writing