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Sell ​​Ethereum and buy on this Altcoin!

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Ethereum exploited the explosive effect of the merger update expected from 2015 for a “bear market rally”. The merger scheduled for September 15 helped the ETH price break through the $ 2,000 resistance. As the selling pressure continues, a leading cryptocurrency analyst says he is looking at another altcoin project instead of Ethereum. Ethereum price (ETH) and detailed market data from here You can see.

Analyst shared altcoin he expects to surpass Ethereum (ETH)

The 2 biggest altcoin competitors in the cryptocurrency market are subject to predictions from a famous cryptocurrency expert. InvestAnswers’ anonymous server compares leading smart contract platform Ethereum with PoS Blockchain giant Cardano (ADA). Browsing through the ADA / ETH chart, the analyst says Cardano is poised to outperform:

Right now, everything is bleeding against Ethereum, but the ADA / ETH pair has dropped 68% in one year. Sometimes it’s important to zoom out and see exactly what’s going on. It appears to be forming a pretty solid base very close to the 0.00025 level. For Cardano, this should be some kind of background.

The analyst says the planned Cardano Vasil hard fork, which was recently postponed from the June launch date, will be crucial. InvestAnswers’ anonymous server has this to say in part of the post on the subject:

The ADA / ETH transaction here is a good time to basically convert your ETH to Cardano if the option goes running if the hard fork is successful for Cardano and adoption returns.

Sell ​​Ethereum and buy on this Altcoin

Cardano is currently trading at $ 0.5277, down 2%. Ethereum is trading slightly higher at $ 1,863.75.

The analyst then uses Puell Multiple for Bitcoin

The analyst then used the Puell Multiple indicator to determine if Bitcoin (BTC) had reached the bottom of the bear market. The metric is calculated by dividing BTC’s daily issue value by its 365-day moving average. The analyst shares a chart showing Bitcoin’s three previous lows in 2015, 2019 and 2020.

Sell ​​Ethereum and buy on this Altcoin

The analyst interprets the Puell multiple data as follows:

Represented in blue, the Puell Multiple and the Bitcoin price have indicated all major lows we have experienced before. This statistic once again examines the supply side of the Bitcoin economy, i.e. the revenue generated by Bitcoin miners. As you can see, this has historically been a fairly accurate sub-indicator.

Interesting data is accompanied by a drop in BTC supply

cryptocurrency.comAs follows, Bitcoin is currently trading at $ 23,303.54. Meanwhile, the most interesting move seen in BTC has been the recent decline in circulating supply. According to data from Santiment, the leading cryptocurrency followed a healthy circulation rate from October 2021 to June 2022.

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