Ethereum has seen bearish pressure recently, and traders are looking at what’s next for this token. Several experts predicted a key resistance point before the token could break out. At the same time, two new tokens, BlockDAG and Cutoshi, are fighting for dominance.
Ethereum Sees Bearish Pressure
The largest DeFi ecosystem, Ethereum, has seen lackluster performance recently. At its current price of $2,451, Ethereum is down 35% since its March highs. It puts Ethereum at a yearly gain of 41%, a significantly worse performance than Bitcoin’s. Despite being much bigger, Bitcoin rose 150% yearly.
What is more, the technicals are not great for Ethereum. Notably, almost all the moving averages indicate sell signals. For this reason, some investors believe that ETH will face bearish pressure until it breaks the key resistance of $3000.
If ETH breaks $3000, it has the potential for a major bullish reversal. At that point, investors may see a long-term case for Ethereum’s growth. Thanks to its vast ecosystem, Ethereum continues to dominate DeFi markets. Moreover, its ongoing upgrades could fix its scalability issues.
If Ethereum manages to bring its fees down, it would be in a good position to crush all other level 1s. But this is a long-term bet on its underlying tech. However, traders looking for faster gains in the meantime may want to check out BlockDAG or Cutoshi.
BlockDAG
BlockDAG (BDAG) is a recently unveiled crypto project with a unique take on performance chains. Unlike most other level 1s, BlockDAG is a proof of work (PoW) chain, departing from the standard.
While most other chains, including Ethereum, Cardano, Solana, etc, are proof of stake, BlockDAG is different. It takes inspiration from Bitcoin, suggesting that PoW is the best way to offer security and decentralization. However, it has several key differences from Bitcoin.
For one, BlockDAG offers better speed and scalability at 10 blocks per second. Its mobile app also makes crypto mining easier than ever. In comparison, Bitcoin miners have to use costly and sophisticated equipment to have a chance at mining a single Bitcoin. Thanks to these features, BlockDAG already raised $77.8 million from investors.
Cutoshi
Cutoshi (CUTO) is a hot new token that promises to become bigger than BlockDAG. It is a fun memecoin with the Chinese lucky cat as an avatar and a strong vision for DeFi.
Like Bitcoin creator Satoshi, Cutoshi wants to create a DeFi ecosystem where everyone can trade without barriers. It will feature a multichain DEX, enabling traders from most major chains to use it. It will also offer an academy for new traders, NFTs, and several ways to farm tokens. All these bring utility to its ecosystem, helping users earn even more.
This way, Cutoshi combines the virality of memes with the utility of DeFi platforms. Moreover, unlike BlockDAG, Cutoshi appeals to meme coin and DeFi traders. But what really makes Cutoshi appealing is its low presale price of $0.015 and the realistic potential it could reach $1.
Conclusion
With Ethereum struggling, its investors are looking for the next big thing. BlockDAG and Cutoshi are great alternatives, with Cutoshi having an edge as a major early-stage opportunity.
