Price forecast by CoinSignals, a trading signal platform, says that Ethereum is set to make the bullish move after a slight incubation last week. This was made public on the CoinSignals Telegraph platform earlier today. The update says Ethereum had less selling pressure than Bitcoin, currently facing a selling pressure of 450 units per day.
The platform claimed that Ethereum may end up trading between $12,000 and $15,000 during this time. CoinMarketCap data shows that Ethereum had a 4.60% increase in the last 24 hours to trade at $3,376.86. CoinSignals shows that Ethereum staked almost 30% of the total supply.
Another data from Staking Rewards revealed that the total Ethereum staking market capitalization stands at $112 billion, with the staking ratio at 27.75% and a reward portion at 3.34%. It also revealed that the number of tokens staked increased by 3.31% in the 24 hours.
Ethereum RSI Stands at 52.09, Confirming Bull Presence
DeFi has proliferated, and billions of money are locked in Ethereum-based protocols. These platforms provide financial services without conventional intermediaries, including lending, borrowing, and trading. The trading volume later dropped by 29.66% to $10.86 billion, with the current market capitalization at $404 billion.
This bullish prediction is founded on favorable market conditions, growing adoption, and solid fundamentals. Ethereum was once down 31.15% last week from its initial all-time high of $4,891 as of November 2021. The recent Relative Strength Index (RSI) for Ethereum shows a value of 52.09, further confirming that bulls still control their price movement.
The data suggests it has the propensity to increase in price in subsequent times. Before it can level up, the current trading volume needs to measure up to its level in March before commencing its journey to the $4,000 price mark.
CoinSignals also revealed that every DeFi projects emanated from the Ethereum blockchain, and that the network is directly connected to the Real World Assets (RWA) tokenization. The huge support in the RWA tokenization project by major companies like the BlackRock is also linked to Ethereum’s bullish future.
More Digital Assets Readies to Unlock More Circulating Supply
Ripple may move to relock a major portion of its coin after unlocking a large amount of XRP. Ripple has re-escrowed about 800 million XRP of the unlocked portion from June. TradingView said Ripple still sold about 300 million XRP, valued at over $182 million. The company’s re-escrowing system is believed to have the propensity to drastically reduce the amount of XRP coming into circulation.
Aside from Ripple, other digital assets projects also took the part of Ripple. Wormhole has announced that it is set to release 33.3% of its token’s circulating supply, which amounts to 600 million Wormhole (W) tokens, valued at $180.5 million, on the 3rd of August.
This is the sequel to the Wormhole’s airdrop launched in 2024. Avalanche has also announced its plans to unlock 2.4% of its circulating supply on the 20th of August. Ripple will release these tokens through many escrow wallets, including the Ripple (25) and Ripple (24) wallets.
ZetaChain, dYdX, And Sui Set to Release More Circulating Supply
The company plans to release 9.4 million AVAX tokens worth over $268 million. The company says the release is part of its more comprehensive timetable, containing special releases like the ZetaChain, dYdX, and Sui.
As listed in the company’s schedule, 2.56% of Sui’s circulating supply will be unlocked, representing 64 million tokens worth $50 million, which will be released on the 1st of August. dYdX says it will be releasing 8.33 million units of tokens, valued at almost $11 million, on the same day as dYdX to target many stakeholders, staff, and investors.
ZetaChain says it will be unlocking close to 18.9% of its circulating supply, representing 53.9 million units of ZETA tokens worth $34.5 million. Meanwhile, in mid-August, ImmutableX will be unlocking 32.5 million IMX units worth $49 million on the 9th of August.