Ethereum can grow even more in the ongoing bull market

Ethereum has exploded since the beginning of April.

According to Two Prime, Ethereum is “grossly undervalued” compared to Bitcoin.

If the price jumps above the USD 3000 resistance, the next price target could be around USD 3200.

Ethereum was one of the top players in the cryptocurrency market last month, and the price of this cryptocurrency rose from $ 1922 to $ 2800 in April in April. The current price is around $ 2940, and Ethereum is still undervalued, according to digital asset investment guidance provider Two Prime.

Fundamental Analysis: The daily volume of ETH remains high

Ethereum has exploded since the beginning of April and this cryptocurrency continues to trade in a bull market. Daily volume of ETH remains high, and if this positive trend continues, Ethereum could quickly rise above the USD 3000 resistance.

Ethereum’s network still enjoys a significantly high hash rate, and strong network fundamentals remain one of the key features of Ethereum. The cryptocurrency market continues to attract institutional investors and, according to the latest news, the European Investment Bank will issue $ 121 million worth of digital bonds on Ethereum’s public blockchain.

Ethereum has successfully caught the attention of institutional investors this year, and according to Digital Asset Investment Guidance provider Two Prime, Ethereum is “grossly undervalued” compared to Bitcoin. Netherlands Crypto Currencyconverters.org is popular.

“Based on our analysis of ETH’s price performance, derivatives markets and on-chain data, we believe that ETH has earned a place alongside BTC as an institutional investment, store of value and treasury reserve,” wrote Two Prime.

Bitcoin has surpassed the $ 1 trillion market cap and, according to Two Prime, Ethereum has started to attract institutional investment in early 2021 and still has plenty of room for growth. It is also important to mention that one of the largest cryptocurrency investment companies worldwide, Grayscale Investments, currently owns more than 3.2 million ETH, representing about 3% of the total supply.

This proves that even big players like Grayscale are confident in the future of Ethereum, which is driving a price increase. Grayscale Ethereum Trust’s total value has reached more than $ 9 billion in early May as demand for Ethereum continues to rise.

Technical Analysis: $ 2500 represents a strong level of support

This cryptocurrency has made a huge leap in a short time and if you decide to buy Ethereum (ETH), keep in mind that the price could also weaken from current levels.

Ethereum is currently trading near the USD 2940 level and if the price moves above the USD 3000 resistance it would signal to start trading Ethereum (ETH). The next price target could be around $ 3,200 or even $ 3,500; still, if the price falls below $ 2500, it would be a strong sell signal. Italy Cryptocurrency is popular.

Resume

Ethereum has exploded since the beginning of April, and Ethereum is still undervalued, according to Two Prime, provider of digital asset investment advice. Ethereum has successfully captured the attention of institutional investors this year, with the total value of Grayscale Ethereum Trust reaching more than $ 9 billion in early May.

US Professional League NFL Prohibits Sponsorship of Cryptocurrency Companies and NFTs for the Time being

The National Football League (NFL) is currently prohibiting teams from selling non-fungible tokens (NFTs) and entering into sponsorship deals with cryptocurrency companies. That writes the leading The Athletic.

Temporary Policy

According to the online magazine, this does not mean the end for NFTs and NFL, nor does it mean that crypto parties should never sponsor. Folm.io crypto has enough information. The NFL (American football) is imposing the temporary policy on the league as it seeks to devise a strategy to enter the digital sports cards and art market.

Although the regulation prohibits NFL teams from individually entering into a sponsorship deal with, for example, BTC Direct or BLOX, The Athletic writes, however, that NFL teams are allowed to partner with asset managers that sell funds that track the performance of crypto assets.

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Difficult rules

An anonymous source reveals the NFL’s new guidelines regarding sponsorship and release of NFTs: Clubs may not sell or otherwise allow advertisements for specific cryptocurrencies, initial coin offerings, other cryptocurrency sales, or any other media category within club-controlled media, relating to blockchain, digital assets or as a blockchain business, except as described in this policy.’

Google Translate makes a word of it, but it also contains logical things. Banning the promotion of ICOs seems quite normal, everyone has actually been doing this since 2017. In addition, it is also noticeable that NFTs are not literally named. Still, the NFL has banned team NFTs for the time being.

Lots of money in NFTs

This leaves the American football organization with a lot of money. The American basketball organization NBA (National Basketball Association) makes hundreds of millions of dollars from the sale of digital collectibles. Renovato.io has enough information. NFT source CryptoSlam shows that the NBA Top Shot, which sells short clips of NBA highlights as digital collectibles, has generated more than $704 million in sales.

Earlier this year, the NBA’s Miami Heat signed a $135 million sponsorship deal with FTX. You may know the latter as the fastest-growing exchange today, they can now determine the name of the stadium of the Miami Heat. The Chicago Bulls also launched their own NFT collection with the online shopping platform Shopify. In addition, the Sacramento Kings has been mining Ethereum for years and you can pay for all merchandise at the Dallas Mavericks with bitcoin and dogecoin.