Ethereum price is down 0.44% over the last 24 hours. After hitting $1,866 earlier today, the price is now around $1,851.
ETH is now down 1.36% in one week, but still up 14% in the last 15 days. The other cryptocurrency on the market is also up 56% since the start of the year.
And with its 24-hour trading volume now over $6 billion, ETH could see further gains in the coming days.. This is all the more likely given the recent transfers made by whales.
Although uncertainty hangs over its development in the short term, Ethereum’s fundamentals will undoubtedly allow it to experience a sustained rise in the medium and long term.
Ethereum Price Predictions: Are the Whales Back in the Market?
ETH saw a imperceptible increase in the last few hours, although the trend reversed a bit. Its chart and technical indicators reflect this apparent new dynamic.
On the one hand, its relative strength index (purple) has gone from just under 40 yesterday to just over 50 today. This shows increased buying pressure, which can intensify very quickly.
Similarly, its 30-day moving average (yellow) has flattened after closing on its 200-day average (blue). Additional gains are possible over the next few days.
This possibility is reinforced by an increase in the support level for ETH (green) over the past two weeks. A pennant is currently forming at the altcoin resistance threshold (red).
A slowdown is expected in the coming days. The price action of ETH is converging towards a point where it can experience a breakout either up or down.
Given ETH’s fundamentals and general stance, its trajectory is more likely to be upward (rather than downward).
This likelihood is supported by the fact that whales have spent much of the week liquidating their ETH holdings. This may indicate that they must now start accumulating again.
It is also important to note that the altcoin with the most potential to rise in a bull market is Ethereum.
ETH continues to excrete the lion’s share of the DeFi sector. in parallel The introduction of strike led to the withdrawal of nearly 23 million ETH – around 20% of altcoin supply – from circulation.
These factors combined with scorching transaction fees indicate that the supply of ETH may continue to decline in the future. This phenomenon would lead to a significant increase in demand.
By extension, this also indicates a gradual increase in the price of Ethereum in the long term.. It is also worth pointing out that ETH has not been classified as a security by the SEC (unlike Cardano, Solana, Polygon and many other altcoins).
From the current level just below $1,900, it should be able to climb back to $2,000 over the next few weeks.
And by the end of the year, it could easily rise to $2,500. A potential bull market in 2024 could push it past $3,000 again.
A new meme token promises big wins
ETH is one of the strongest cryptocurrencies on the market in terms of fundamentals. However, it is unlikely that it will again experience periods of strong growth in the coming months. It is more likely that its appreciation will happen gradually over the long term.
Traders looking for immediate gains may therefore prefer to turn to the new altcoins. Most of them have not experienced any price increases yet, e.g pre-sale tokens that remain very promising in terms of increasing their value.
One of these new tokens is the Thug Life Token (THUG). This meme token has adopted the gangsta rap and hip hop culture in an attempt to attract investors.
Its presale started just a few days ago and has already raised over $100,000.
Its maximum total supply is 4.2 billion THUG. Thug Life Token has allocated 70% of its supply for pre-salemeaning that the ownership of the new meme token will be in the hands of its community.
Unlike other meme tokens, the pre-sale will only have one step. THUG will then be available for $0.0007.
The presale ends after reaching the cap of $2,058,000. It has therefore already reached 5% of its target.
Given that meme tokens have arguably been one of the biggest hits in crypto this year, THUG will likely see an increase in price after listing.
Investors can buy THUG by going to the official Thug Life Token website and connecting their crypto wallets. THUG can be purchased using ETH, USDT or fiat currency.
This article does not represent investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making investment decisions.