Ethernity price has gone parabolic in the past few days as demand for the currency rises. ERN price surged to a high of $4.4, which was the highest level since May 4. It has surged by more than 283% from its lowest level this year, giving it a market cap of more than $28 million.
What is Ethernity?
The Non-Fungible Token (NFT) industry has been in the spotlight in the past few years. After soaring in 2021, the volume of NFTs traded in 2022 has dropped in the past few months. This happened as cryptocurrency prices crashed and sentiment in the industry weakened.
Ethernity is a blockchain project that seeks to change the trajectory by making NFTs more accessible to most people. It works by partnering with well-known brands and delivering their NFTs on its platform. For example, it has partnered with the Argentina Football Association, James Dean, Associated Press, and Muhammad Ali.
People can easily buy these NFTs using the platform’s website or mobile application. This purchase is made through the ERN token, which is an Ethereum 2.0 token.
It is unclear why Ethernity price has done so well in the past few weeks. A possible reason, as I wrote in InvestingCube, is that the developers unveiled a new headquarters in the metaverse. This headquarters will be in Decentraland, one of the best metaverse projects in the world.
Another possible reason is that the developers unveiled their quarterly update. The report said that the Builder’s Market presented th team with an opportunity to expand the ecosystem by securing new business and expanding product development. They are also working to create an Ethernity Decentralized Autonomous Organization (DAO).
Ethernity price has risen sharply as investors buy the hype surrounding the company. Historically, as I wrote on UFT, cryptocurrencies tend to rise when there is such hype. Remember when cryptocurrencies like Shiba Inu, Dogelon Mars, and Tamadoge rise?
Ethernity price prediction
The daily chart shows that the ERN price has been in a strong bullish trend in the past few days. As it rose, the coin managed to move above the important resistance level at $2.64, which was the highest level on 7th August.
The Ethernet price has risen above all moving averages while the Awesome Oscillator has moved above the neutral level. At the same time, the Relative Strength Index (RSI) has moved above the overbought level at 70.
Therefore, while the coin will likely continue rising, there is a likelihood that it will suffer a major dip in the coming days. If this happens, the next key support level to watch will be at $1.50, which is about 60% from the current level.
