By Ethereum Price Prediction as $1,800 Level Comes into Play – What Are the Indicators Showing?
The Ethereum price has dropped by 0.5% in the past 24 hours, dipping to $1,619 as the market as a whole falls by roughly the same percentage within the same amount of time.
ETH has now declined by 6% in the past week, although the market’s biggest altcoin remains up by 2.5% in a fortnight and by 35% since the beginning of the year.
However, the cryptocurrency has struggled to remain above $1,700 this month, while its 200-day average continues to hover around $1,800, indicating just how oversold it still is at the moment.
On the other hand, this also suggests that ETH is due a rebound and soon, and with its fundamentals remaining very strong, such a rebound is only a matter of time.
Ethereum Price Prediction as $1,800 Level Comes into Play – What Are the Indicators Showing?
There’s little doubt that ETH is in the middle of a short-term downswing right now, with its indicators all looking fairly weak.
Firstly, its price has dropped by its 30-day exponential moving average (yellow), which itself remains some way below the coin’s 200-day average (blue), all of which indicates big selling pressure.
Secondly, ETH’s relative strength index (purple) is falling slowly below 50, something which also signals an excess of selling, but which also suggest that such selling could continue for a while longer yet (since the RSI hasn’t fallen to 30 or 20).
Having said that, it will be interesting to see whether ETH’s current support level (green) can resist a fall below $1,600 or so.
If it can, ETH may recover sooner rather than later, yet a drop below this key psychological level may forecast further losses.
Either way, Ethereum remains one of the most fundamentally attractive altcoins in the market, and given that it is massively below its current 200-day average of $1,800, it really should rebound soon.
Indeed, recent losses have nothing specifically to do with Ethereum on a fundamental level, with market negativity surrounding rising bond yields, for instance, depressing stocks and other speculative assets (including cryptos).
Yet Ethereum remains in the same position it was when it last rallied at the start of the month, with the layer-one blockchain accounting for the vast bulk of the total value locked in of the DeFi sector (particularly when you include ETH-based layer-two networks).
And as we never tire of pointing out, recent months have seen some major adoption news for Ethereum, with PayPal launching its own ETH-based stablecoin and Visa conducting stablecoin trials on its network.
As such, ETH will rebound soon enough, potentially hitting $1,700 in the next couple of weeks, while a bullish end to the year could see it reach $1,800 or $1,900.
Alternative High-Return Altcoins
ETH certainly remains one of the safest options for altcoins traders, yet it isn’t the only potentially high-return alt in the market right now, with a number of other, newer tokens looking promising.
Some of these new tokens are also presale coins, which can rally big once they launch on trading platforms, particularly if they’ve had successful sales that have attracted lots of interest.
A good example of this is provided by Meme Kombat (MK), a new project that stages AI-generated battles between meme characters and enables its users to bet on the outcome of said battles.
Its sale has already raised more than $400,000, a figure which indicates just how popular the project is becoming, particularly when its sale has been open for barely three weeks.
What’s attracting new investors is Meme Kombat’s unique platform, which gives users the chance to earn rewards and prizes (in the form of $MK) if they correctly bet on the results of computer-generated battles, with users able to bet against themselves or against the platform itself.
Users become able to place bets by staking the platform’s native token, MK, meaning that they can also earn staking rewards in addition to betting rewards,
This potentially makes MK triply profitable, in that it could also obviously witness price appreciation in addition to offering staking and gambling rewards.
The token will have a hard cap of 12 million MK, with 50% of this supply going to the presale and another 30% going towards battle and staking rewards.
Investors can grab some early – and at what may become a big discount – by visiting its official website and connecting their software wallets.
1 MK will cost $1.667 for the sale’s duration, and when this sale ends MK will list on trading platforms, where it could rally big, given how popular new meme projects have been this year.
Visit Meme Kombat Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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