Over the last 24 hours, the price of Ethereum (ETH) has enjoyed a 1.5% increase, surpassing the $1,800 mark. This upward momentum comes on the heels of increasingly optimistic expectations surrounding the potential approval of a Bitcoin Exchange-Traded Fund (ETF), which has provided a boost to the overall cryptocurrency market.
Although ETH’s performance has been relatively modest over the past week, fortnight, and month, it has managed to stay in the green. Notably, the altcoin has experienced a remarkable 55% surge since the start of the year.
Recent heavy sell-offs of ETH have set the stage for a potential strong upward trend in the near future. Many believe that the coin’s current valuation does not adequately reflect the scale and significance of the Ethereum network.
After a period of decline, ETH’s technical indicators and price chart have shown signs of renewed momentum, potentially leading to further short-term price increases. The relative strength index (RSI) for ETH has surged close to 70, indicating substantial buying pressure that has not yet reached an excessive level.
Another positive sign is the convergence of ETH’s 30-day moving average, depicted in yellow, towards its 200-day average, represented in blue. This alignment could potentially signal more price gains as long as the trend continues.
Despite a decline in ETH’s support level since mid-July, there is a strong argument that the coin is likely to rebound to higher levels in the coming days, considering its oversold condition.
Renowned investors like Mike Novogratz and Cathie Wood have raised expectations that the US Securities and Exchange Commission (SEC) will eventually approve a Bitcoin ETF. This development would not only benefit Bitcoin itself but could also trigger a broader market rally. ETH stands to gain significantly from such a rally, especially considering its current undervaluation.
Ethereum remains the most substantial layer-one blockchain network in terms of total value locked in, holding a commanding 57.6% share of the entire DeFi/crypto sector. Additionally, its supply has been decreasing since transitioning to a proof-of-stake consensus mechanism in September 2022.
In a major bullish move for Ethereum, PayPal has announced plans to launch its own stablecoin on the Ethereum network. This announcement is expected to contribute to ETH’s rise, with projections suggesting a potential increase to $1,900 in the coming weeks and the possibility of ending the year around $2,500.
While Ethereum’s fundamentals remain strong, holders should anticipate incremental gains rather than dramatic surges. Nevertheless, the cryptocurrency market has presented numerous opportunities this year for short-term gains, particularly through presale tokens.
One notable presale token gaining attention is Wall Street Memes (WSM), an ERC-20 token rooted in the meme stocks movement that fueled the GameStop rally in 2021. WSM’s strong online community, reflected by its 258,000 Twitter followers, has contributed to its success during its presale. The token’s decentralized tokenomics and widespread distribution have attracted investors, reducing the risk of substantial selloffs.
New investors have the opportunity to participate in WSM’s sale through the official Wall Street Memes website, with each WSM currently priced at $0.0331. The sale is set to conclude at $0.0337, at which point the token will list on trading platforms, potentially offering early investors attractive profits.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.