ETH price today: Ethereum, Polygon rise up to 17% over Meta’s NFT buzz

New Delhi: Amid carnage in the crypto space, Ethereum (ETH) and Polygon (MATIC) suddenly zoomed up to 17 per cent on Friday on the back of higher volumes and positive news flow.

According to media reports, Meta (formerly known as Facebook) has started to roll out NFTs for some US creators on its flagship social network and the mentioned NFTs are based upon Ethereum and Polygon blockchain.

The second-largest crypto asset zoomed to the $1,105 level on Friday, from its 24-hour low of $1,010. However, it was trading at $1,067.81, up by 4.2 per cent at 15.15 hours IST on Friday, the data from Coingecko suggested.

Even the trading volumes of Ethereum jumped over 15 per cent as Ether tokens worth more than $18.4 billion exchanged hands in the last 24 hours, data suggested.

Polygon rallied over 17 per cent to $0.4597 from $0.4224. However, it erased more than half of its gains to $0.4743 at the same time.

The second-largest crypto token, at the time of writing this report, was commanding a total market cap of a little less than $130 billion, whereas Polygon, the 18th largest crypto asset, had a total valuation close to $3.8 billion.

According to a report from ConsenSys-funded crypto publication Decrypt, Meta will soon add support for NFTs on Solana and Flow in the coming future.

Meta Product Manager Navdeep Singh, in his tweet, shared a sneak peek of what NFTs will look like on Facebook.

According to the post, users will have a “digital collectibles” tab on their Facebook profiles where they can showcase their NFTs, which are unique blockchain tokens that signify ownership.

In other news, reports suggest Ethereum 2.0 is coming out soon. As the Ethereum ‘merge’ draws closer, the hype is growing as many people are waiting to see what the Ethereum beacon chain will offer.

Edul Patel, Co-Founder and CEO of Mudrex said Ethereum developers announced today that they successfully conducted the hard fork upgrade on one of the tests in the network.

“The ‘Merge’ will transition the Ethereum blockchain from a Proof of Work to a Proof of Stake consensus mechanism. With this hard fork upgrade, the transition to the ‘Merge’ reaches a step closer,” he added.

Decoding the technicals, WazirX Trade Desk said the daily trend for ETH-BTC is traversing within an ascending triangle pattern.

“The daily RSI dropped below 40 edging closer to the oversold zone. The next key support for ETH-BTC is expected at 0.046 level and next resistance is expected at 0.076,” it said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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