Investing.com is no longer the only platform for Tier 1 smart contracts. As the industry leader struggles with high network usage, long transaction times and rising fees, its competitors are becoming more and more in the spotlight. They are fast, efficient and inexpensive.
For this reason, it is no wonder that, its market value has steadily increased over the past few months, while Ether has been somewhat off.
Solana, in particular, is becoming more and more popular, in part due to the Wormhole Project. This ensures interoperability with the Ethereum network. So there is no big problem in porting digital applications developed on Ethereum to Solana.
On the avalanche network, the DeFi Trader Joe protocol has been getting a lot of ink lately. Although the mood in the cryptocurrency market has been rather calm over the past seven days, the value of this project’s token has risen by more than 50% in value.
Whether or not Ethereum actually has to cede market share to emerging blockchains in the medium to long term ultimately depends on how quickly Ethereum 2.0 becomes a reality. The scalability that comes with this upgrade means that some of the smaller blockchains will have little or no advantage over Ethereum.
Ethereum technical levels
Currently, Ethereum is back below the key $3,000 mark, down more than 6% over a 24-hour period, while it has a market capitalization of $346 billion.
On the daily chart, we can see how there was a rally from the last low of $2,659. The 50% Fibonacci retracement (high from $1,720 to $4,024) at $2,872 has been breached on a daily closing basis.
The 38.2% Fib retracement was at $3,143 for the second time yesterday, and if there is a daily close above it, it would open the door for gains towards the 23.6% Fib retracement to $3,480.
However, at the moment, the most likely scenario is a retest of the $2,872 retracement of 50 percent.
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