What Ethereum’s Upcoming Move Means for the Surge of L2 Tokens

The post What Ethereum’s Upcoming Move Means for the Surge of L2 Tokens appeared first on Coinpedia Fintech News

With recent speculations swirling about the potential surge of Bitcoin above $70k, attention is also veering towards Ethereum. The upcoming move of Ethereum plays a significant role in the L2 tokens’ momentum. This shift could paint a new outlook for the crypto market, highlighting Ethereum’s influence on L2 tokens. A better understanding of this dynamic will offer a broader perspective on the cryptocurrency landscape.

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Ethereum Upgrade Could Influence Optimism’s Market Performance

In the short term, Optimism’s current price of $3.28 shows it’s below both the 10-day ($4.10) and 100-day ($3.45) simple moving averages. It may lean towards the closest support level of $2.95. Yet, the upgrade with Ethereum L2 could breathe new life into the coin. It could garner new interest and trigger a drive towards the nearest resistance level of $4.32 or even $4.95.

On the flip side, the constituent complexities could scare off potential investors for a while. In the long term, the upgrade might cement Optimism’s position alongside other mainstays in the Ethereum network, bringing stability. Yet the present trend following Stochastic and MACD guidelines implies weakness. Thus, it’s possible the lower support level of $2.20 might be seen before any notable rise happens.

Polygon Price Analysis for Potential Bullish Surge

Polygon’s recent achievement with its decentralized exchange could potentially boost its price in the long term. This market update coupled with a solid support level of $0.82 suggests bullish prospects. If Polygon manages to surpass the nearest resistance level of $1.13 and the second at $1.27, we could see a surge above these values.

However, some indicators suggest caution. The Simple Moving Average (SMA) for 10 days recommends to sell, hinting short term bearish momentum. Additionally, the MACD also recommends to sell. If Polygon’s price falls below its nearest support level of $0.82, the next stop could be the second support level at $0.63. Although, the 100-day SMA advises buying with a mean value of $0.92, mitigating some potential downside risk.

Conclusion

As we examine the rippling effects of Ethereum’s developments on the cryptocurrency landscape, other tokens such as Optimism and Polygon may experience their own ebbs and flows in the process. While each has potential, BlastUP notably shines as a beacon in this dynamic sphere. This is largely due to its compelling concept and eminent stature within the Blast ecosystem, demonstrating why savvy investors are aligning their portfolios towards its ascendant trajectory. Emphasizing a community-driven ethos and innovative application of AI and Web3 tools, BlastUP presents an exceptional growth opportunity in the volatile crypto space.

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