As Ethereum Towards A New Record, Dogecoin Is Stuck In A Narrow Zone

Ethereum, the second largest crypto asset after Bitcoin. (Photo; Doc. FinanceMagnats)

JAKARTA - The Ethereum crypto asset (ETH) is getting closer to its record high, after showing impressive performance in recent weeks. These digital assets managed to penetrate the level of 2,800 US dollars (Rp43.7 million) and are now on the verge of challenging the level of 3,000 US dollars (Rp46.8 million), an important milestone that reflects investors' growing confidence in their long-term prospects.

Based on data from CoinMarketCap, Ethereum has seen a 25% increase in the past month, and 7% in the past week. At the time of writing this article, the price of ETH was at 2,950 US dollars (Rp46.1 million), with a market capitalization of 344 billion US dollars (Rp 5,370 trillion).

Ethereum, which is the second largest cryptocurrency after Bitcoin, has benefited from the growth of the DeFi (decentralized finance) and NFT (non-fungible token) ecosystems, most of which run on its network. In addition, Ethereum is also in the process of transitioning from proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS) mechanism, which is expected to increase efficiency, scalability, and network security.

Technically, Ethereum has shown a strong upward trend, with moving prices above the 50-day and 200-day exponential moving average (EMA), which is often considered an indicator of bullish sentiment when prices are above them. The 50-day EMA, in particular, has provided strong support during the latest rise, is currently around a level of 2,500 US dollars (Rp39 million).

Ethereum's trading volume is also increasing as price increases, showing high interest in maintaining higher price levels. However, Ethereum is expected to face strong resistance as it approaches the level of $3.000, as many traders are likely to take advantage at this point.

Dogecoin Participates In Riding

Among other cryptocurrencies, Dogecoin (DOGE), which is famous for being a coin meme and supported by famous figures like Elon Musk, has not shown much movement in recent times.

Based on data from CoinMarketCap, Dogecoin has seen a 3% increase in the past month, and 1% in the past week. At the time of writing this article, DOGE prices were at 0.24 US dollars (Rp3,748), with a market capitalization of 31 billion US dollars (Rp483 trillion).

Dogecoin, which is the seventh largest crypto asset at this time, has experienced high volatility so far this year, hitting a record high above $0.70 (Rp10,930) in May 2023, before falling back to its current level. This asset is heavily influenced by market sentiment and comments from public figures, especially Tesla and SpaceX CEO Elon Musk, who frequently posts tweets about Dogecoin.