A whole lot of Ethereum [ETH] in your portfolio? Here are your LAMBO chances
“With public sentiment, nothing can fail. Without it, nothing can succeed”
It seems, Abraham Lincoln summarized the emotions of the crypto-market long back. While the king coin has been garnering a lot of investors’ interest of late, Ethereum looks complacent in this regard. Well, the painful gas fee could be one of the reasons.
Undeniably, investors who bought the coin at an all-time high might be associating themselves now with Hester Prynne of The Scarlet Letter for their “affair” with Ethereum. While a percentage of ETH holders have walked off cutting losses, others continue to look at the price charts with hope and distress.
Just recently, LUNA surpassed Ethereum in total value staked and this has, as it were, aggravated the investors’ agony.
Furthermore, expensive gas fees and slow transaction times on Ethereum have provided an opportunity for competitors to gain market share. In this regard, investment bank Morgan Stanley issued a report in January 2022, one noting that Ethereum’s dominant market share has greater chances to decrease over time. However, it’s interesting to note that bulls haven’t given up yet.
At the time of writing, ETH was up by 0.80% over the last 24 hours. After the unprecedented sell-off on 24 February, ETH bulls have been exerting pressure to go up the price charts. The token hit a local top of $3024, however, it invalidated its gains to touch the week-long support of $2591. For the coin to reach $3500, bulls will have to break past the resistance at $3024 and $3205.
The probability of which looks bleak at the moment.
The hike post 24 February was on the back of decreasing volume. This certainly meant that real profit can’t be expected unless the volume recovers. In fact, the RSI, at the time of
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