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Ethereum 1inch Investment Fund

Ethereum Outpaces Solana: Is The Great Capital Rotation On?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a shift, Ethereum (ETH) has outpaced Solana (SOL) in the last 24 hours, leading some experts to believe that a “great capital rotation” is underway.

Ram Ahluwalia, CEO of Lumida, a cryptocurrency investment firm, is among those who are bullish on Ethereum’s prospects. Taking to X on December 28, the CEO said the “great rotation,” referring to the capital injection, is on. The coin could be ready for a new all-time high, above $5,000, in the coming few trading weeks or months. 

Ethereum Outperforms Solana In The Past 24 Hours

The resurgence in Ethereum is when Solana appears to be cooling off after sharp gains in the past few trading months. While ETH adds roughly 5%, Ahluwalia notes that SOL is down by around the margin in the past 24 hours. This formation is reflected in the SOLETH chart, though SOL bulls maintain a lead over ETH from a top-down preview.

Related Reading: Bitcoin Fading? Ether Poised To Take The Crown In 2024, Analyst Claims

Ahluwalia’s optimism and expectation of ETH stretching gains stem from Ethereum’s recent price action. The coin has broken out of intermittent resistance levels. It is now poised to break even higher, looking at the formation in the daily chart. As it is, ETH is at around December 2023 highs, a cool-off from early today when prices broke above $2,400 to register new 2023 highs. 

Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView

Notably, looking at the ETH candlestick arrangement, it is evident that buyers have the upper hand. The upswing observed today is primarily due to the surge in trading volume on December 27. The spike in trading volume suggests trader interest. It could fan even more demand, forming a base for ETH to roar towards $3,500 and even $5,000 in the sessions ahead. 

For what’s happening, price-wise, Ahluwalia said traders should expect to ride the expected big moves, especially in lower time frames. According to the CEO, ETH will “teleport” as it soars higher, registering new all-time highs in 2024. 

Will Dencun And Talks Of Spot Ethereum ETFs Propel ETH To New Highs?

This bullish momentum can attributed to several factors, including network enhancements and even hopes of the United States Securities and Exchange Commission (SEC) approving a spot Ethereum ETF. So far, the crypto community expects the regulator to green-light the first spot of Bitcoin ETFs in early 2024. Once this happens, it is likely that the focus will shift to ETH and whether the SEC will authorize a similar product after the approval of Ethereum Futures ETFs in 2023.  

Related Reading: XRP Detractor Switches To Buy Mode, What Changed?

Ethereum is expected to release the Dencun Upgrade in Goerli in mid-January 2024. Implementation is after the community thoroughly tests all proposals. However, Dencun is a vital update that will improve scalability, performance, and security. This upgrade also sets in motion Proto-dank sharding, which will see the main net scale.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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