- Shibetoshi Nakamoto blames Ether for its lethargic performance.
- Veteran cryptocurrency expert derives key levels to watch for Ethereum.
- Dogecoin outperforms Bitcoin by 4x on a month-to-month basis.
With altcoins vying for a prime spot in the bull season, Dogecoin founder Billy Markus gave a shout-out to Ethereum (ETH). Known professionally as Shibetoshi Nakamoto, he has taken shots at Ethereum’s lackluster performance amid the ongoing Bitcoin (BTC) bull race, as his creations outperform both assets.
Dogecoin founder mocks Ethereum’s price.
The former IBM computer guru shared a price comparison chart of Bitcoin, Ethereum, and Dogecoin (DOGE), pointing out that one out of three is maintaining a slight deficit. Meanwhile, BTC, the leading digital asset, continued to soar to new heights, reaching $94,891 a few hours ago. Today, the price of Ethereum fell 6.2%, close to its weekly low of $3,018.
The Dogecoin founder’s cynical comments were further promoted by the DOGE Army, who called Ethereum’s gas fees “ridiculous” and added that “everyone has that one friend.” In fact, the top dog meme coin is the unanimous leader in monthly growth, gaining 171.5% in 30 days, while BTC gained 40%.
Analyst defines Ethereum’s next price target.
While mockery of Ethereum’s price action is not limited to Dogecoin’s cryptocurrency community, seasoned cryptocurrency analysts point to some bullish on-chain metrics for ETH in numbers. “#Ethereum $ETH will surpass #Bitcoin $BTC!” shouted Analyst Ali Martinez noted some positive developments.
First of all, Ethereum’s exchange-traded fund (ETF) has accumulated positive momentum after several months of distribution. Second, large investors, also known as cryptocurrency whales, have made the largest purchase of Ethereum in the last two weeks with $1.4 billion.
Ali outlined the next ETH price targets to be $4,000 and $6,000 if there is continued bullish momentum. His calculations are based on the establishment of a rising parallel channel with a $4,000 Ethereum price target marked as the middle boundary. The upper limit represents a cycle target of $6,000.
For this optimism to continue, the price of Ethereum must not close below $3,000. This support level includes 2.82 cryptocurrency wallets with cumulative holdings of 6.14 million, creating a strong demand area for the altcoin. As of press time, the price of ETH is $3,078.77, according to CoinGecko, an independent digital asset aggregator.
On the flipside
- In a broader context, Nakamoto Shibetoshi’s remarks should not be taken as offensive. He said that Dogecoin, which he created, was “definitely overdue,” adding that Ethereum’s creator, Vitalik Buterin, was “awesome.”
Why This Matters
Highlighting differences in price trends will help you understand the ever-changing cryptocurrency market dynamics and apply that knowledge to properly time the market.
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