Ethereum Price Prediction – How Polygon Success Validates ETH $10k Target

Ethereum is up 3.6% in the last 24 hours, trading at $1,639 at the time of writing. ETH has rallied amid a positive outlook in the broader cryptocurrency market. The broader market has gained nearly 3%, to $1.1 trillion.

Ethereum price analysis

Ether is bullish today, trading in the green zone after significant gains. During the past day, ETH has traded between $1,570 and $1,663, indicating mild volatility. The token is rallying as the broader market continues to gain.

If the rally can be sustained, the psychological level of $2K will likely be reached soon. ETH has been bullish today, gaining more than 26% in the last 24 hours. Over the past day, Ether has reported more than $37 billion in trading volumes.

Ether’s market dominance now stands at 17.89%. Following the notable rally made in the past few weeks, ETH has recovered some of its losses and is currently down by 66% from its all-time high.

Looking at the Ethereum price movement, it is clear that the token is witnessing volatile price movements, with the current uptrend showing signs of possibly weakening. The Relative Strength Index for Ethereum stands at 40, showing that the buying pressure could weaken as traders buying the pump start selling.

There is a high likelihood that ETH will continue rallying higher as financial markets are green today due to the strong job data from the US. The data resulted in speculations that the Federal Reserve would ease interest rate hikes, resulting in a bearish outcome across markets.

Polygon adoption is bullish for Ethereum

Polygon, a layer two network on the Ethereum blockchain, is witnessing a notable spike in adoption that could result in significant gains for ETH. Polygon non-fungible tokens (NFTs) were recently integrated by Meta, which has started running a marketplace for digital collectibles on Instagram.

Polygon is also leading the efforts to bridge traditional and blockchain finance systems. JPMorgan, one of the largest institutions on Wall Street, conducted its first live trade on a public blockchain. JPMorgan used Polygon to conduct this trade valued at around $71,000. As a technology seeking to bring scalability to Ethereum, Polygon’s adoption is also bullish for ETH, and it could see the token rallying higher.

These ERC-20 tokens could make significant gains

As ETH turns bullish, these three ERC-20 tokens, Dash 2 Trade, IMPT, and Calvaria, could make significant gains. The three tokens are currently at the presale stage.

Dash 2 Trade could be the next token to explode, as its presale is nearing the end of stage two, just over two weeks since the presale started. The presale will enter stage 2 after raising $5,166,000, after which the price will increase. Dash 2 Trade is a platform giving crypto traders trading signals, social sentiment data, and other tools to make informed decisions.

The other presale that you should also consider investing in is IMPT. IMPT.io is a platform seeking to lower carbon emissions, making it a good investment for ESG investors. The IMPT presale started on October 3, raising over $12.2 million.

The third presale to buy today is for Calvaria. Calvaria is a blockchain gaming project that seeks to bridge traditional and blockchain gaming. The RIA presale has taken off in a significant way, as it is currently in stage four. The presale has raised more than 1.4 million USDT.

Related

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