Ethereum (ETH) Climbs Above $3600: Will ERC-20 Tokens Algotech (ALGT) and Chainlink (LINK) Follow?

Ethereum (ETH) Climbs Above $3600: Will ERC-20 Tokens Algotech (ALGT) and Chainlink (LINK) Follow?

The world’s second-largest cryptocurrency by market capitalization is Ethereum, with the latest market cap of $451.5 Billion from a significant 32.4% surge in price after it broke a major resistance level, surpassing $3600.

This momentous surge in the Ethereum price has sent shockwaves through the crypto market signaling a potential bull run, leaving top cryptocurrency investors wondering if ERC-20 tokens, Algotech’s AGLT, and Chainlink LINK will follow the pace and recreate a similar upward surge in prices.

Ethereum's Bullish Run

The recent surge in Ethereum price and the total crypto market pumps has been long anticipated, as analysts compare previous Bitcoin post-halving pumps to the recent Bitcoin halving. But the market seemed to be a little different this time as the Bitcoin halving was accompanied by long consolidations.

After about 69 Days of long consolidations Ethereum surged 32.4% in 48 hours breaking the $3600 resistance level to reach a current Ethereum price of $3774.23. However, we think the short-term strong bullish move is aiming for the $4091.81 highs.

Ethereum's current price with a bullish forecast predicts a modest increase of 2.11% to $3,701.17 by next month. Eth Price is reaching the $4000 highs on the move to reach the $4800 highs.

This seems to be the fifth impulse wave on a short-term Elliot wave pattern. Technical indicators show a bullish sentiment, supported by a Fear & Greed Index score of 70 (Greed).

Now, over the past 30 days, Eth's price has seen 17 green days (57%) and a volatility rate of 3.36%. With a 50-day SMA of $3,174.85 and a 200-day SMA of $2,710.34, the market conditions suggest it is a favorable time to buy Ethereum.

History has taught experienced crypto investors and enthusiasts alike that a strong bullish performance by Ethereum prices is often followed by significant surges in the price of ERC-20 tokens.

Erc-20 tokens are cryptocurrencies or digital assets built in the Ethereum blockchain, leveraging Ethereum network functionalities. So, when Ethereum prices experience a good upward surge, crypto investors and traders are often confident in the entire ERC-20 ecosystem and the demand leads to a potential price increase in ERC-20 tokens.

AI-Powered Algotech (ALGT) Set to Contend with Ethereum

AlgoTech is a nascent DefI AI-propelled Decentralized Finance project built to be compatible with major blockchains like Ethereum blockchain. It focuses on integrating Artificial Intelligence AI into its platform; some of the platform’s functionalities utilize AI for

●      Automated algorithmic trading

●      Smart risk management and

●      Personalized investment opportunities for several kinds of traders.

AlgoTech’s ALGT presale is currently at 98.7% to completion and has already smashed a milestone of $5.2 Million raised. Crypto Investors are drawn to the ALGT token and the AlgoTech platform as it creatively uses AI to meet trading needs.

ALGT might mirror Ethereum’s price surge as crypto investors are buzzed up by the Ethereum price increase.

Chainlink (LINK): The Oracle of the Blockchain

Chainlink LINK functions as a decentralized oracle network by providing secure and reliable data feeds to various blockchain applications. Chainlink LINK plays a vital role in enabling smart contracts on the Ethereum blockchain to interact with real-world data.

As the DeFi ecosystem potentially grows, and many decentralized applications dApps built on several blockchains including Ethereum will need real-world data; this might drive demand for Chainlink LINK oracle service.

Therefore, this will in turn positively impact the price of LINK. Similarly to AGLT, LINK prices might surge from the demand and Ethereum’s bullish run.

Ethereum’s strong bullish price pump creates a tailwind for the entire ERC-20 ecosystem, and both AlgoTech and Chainlink are positioned to capitalize on this strong momentum and surge in prices.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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