Ethereum Price Prediction: ETH Climbs 2% As The Grayscale ETHE ETF Bleeds $1.1 Billion And This PEPE 2.0 ICO Races Towards $6 Million

The Ethereum price climbed 2% in the last 24 hours to trade at $3,249 as of 00:54 a.m. EST on trading volume that rose 5% to $21.7 billion.

The ETH price pump came after Ethereum ETFs recorded outflows of $151 million on their third day of trading on July 25 and as the Grayscale ETHE ETF racked up outflows of more than $1.1 billion in three days.

Another key development in the ETH ecosystem came when a wallet associated with the Ethereum Foundation transferred roughly $290 million in Ether after seven years of no movement, according to blockchain analytics platform Lookonchain.

The Ethereum prices has meanwhile invalidated the rounding top pattern to rebound from the $3,111 support level, according to data from GeckoTerminal.

Ethereum Price Set To Continue With The Bullish Trend Reversal

ETHUSD Chart Analysis Source: GeckoTerminal.com
Ethereum Price Chart Analysis Source: GeckoTerminal.com

In the last five days, the Ethereum price has been on a downtrend, which completed the rounding top pattern, as it found support at $3,111. The bulls have since used this support to push the token up.

ETH price trades below both the 50-day and 200-day Simple Moving Averages (SMAs), coinciding with the current price retrace. The 200-day SMA acts as the immediate resistance level at $3,300.

Moreover, the Relative Strength Index (RSI) seems to be rebounding from below the 30-oversold level as it climbs up. This shows that buyers are currently exerting pressure, adding more to their positions.

If the buying pressure sustains, the Ethereum price will soar to breach the $3,300 resistance (200-day SMA) in a few hours. In the long-term, the bulls are targeting $3,700.

The RSI and the golden cross at $3,319 offer bullish prospects to optimistic investors.

However, if the bears still make use of the rounding top pattern, the price of Ethereum could retrace to the next support level at $3,058.

Meanwhile, as the Ethereum price climbs, many meme coin lovers are pivoting to the new Ethereum Layer 2 token Pepe Unchained (PEPU), which has seen funds raised roar past $5.5 million in its explosive presale.

99Bitcoins, a prominent crypto channel on YouTube with over 705,000 subscribers, is so impressed by the project that it says PEPU could soar 10X after its launch.

Pepe Unchained Presale Surges Past $5.5 Million – Best Meme Coin To Buy Now?

PEPU is Pepe’s latest and most badass version, complete with its own Layer 2 chain on Ethereum.

Pepe itself has maintained positive growth since launch and is still a top-three meme coin titan by market capitalization.

PEPU

But it has many shortcomings. The token was originally built on the Ethereum blockchain and has long been confined by its Layer-1 technology, which is highly characterized by network delays and rising gas fees.

Pepe Unchained is a token that is based on PEPE devising a plan to break free from his clunky blockchain and embrace the future with Pepe Unchained. 

The project is set to tackle the scalability, speed, and efficiency issues that often plague meme coins like PEPE that are built on Layer-1 blockchains like Ethereum. As a result, Pepe Unchained enables investors to seize market opportunities with greater efficiency.

PEPU token holders can earn passively through the platform’s staking system, which offers 352% in annual rewards.

You can buy $PEPU tokens now for $0.0086649 each. With a price hike coming in about a day, buy soon to lock in the best deal.

To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.

Related News

  • Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!
  • Best Meme Coins to Invest in: Top Picks for Exponential Gains! 🚀
  • Best Cheap Crypto to Buy Now In 2024 – Low Cost Coins

Comments

Post a Comment

Popular posts from this blog

Quant Loses Value As It Meets Rejection At $125

Image
Mar 05, 2023 at 09:14 // Price Author Coin Idol The price of Quant (QNT) has resumed its downtrend after falling below the moving average lines and the support level of $130. Quant long-term price forecast: bearish Buyers have consistently supported the $130 price level since February 9. The altcoin recorded an uptrend to a high of $147 on February 15, but was rejected. Buyers were unable to keep the price above $150, which led to the decline. Selling pressure increased once the price fell below the moving average lines. However, the price signal suggests that s
Read more

Bloomberg: Fnality Gains $95M Funding From Goldman Sachs and BNP

Fnality has raised £77.7 million ($95 million) in its Series B financing round, according to Bloomberg. It seeks to provide a new payment system that facilitates a tokenized, peer-to-peer market. The firm is waiting for the Bank of England’s go-ahead to begin its operations. Fnality International, a blockchain-based wholesale payment system headquartered in London, has raised £77.7 million ($95 million) in its Series B financing round, according to Bloomberg. The funding phase was reportedly spearheaded by blue-chip financial firms Goldman Sachs and BNP Paribas. According to a statement by Fnality CEO Rhomaios Ram, the funding includes other prominent financial institutions such as Depository Trust & Clearing Corporation, Wisdom Tree Inc., Nomura Holdings Inc., and Euroclear. Though under development, this firm seeks to provide a new payment system that converges traditional and digital finance by facilitating a tokenized, peer-to-peer market. Concurr
Read more

Ethereum Price Drops 8%: What’s Next for the Altcoin Giant?

Image
Ethereum price started a major decline from the $3,500 resistance zone. ETH is down over 8% and might continue to decline toward the $3,120 support. Ethereum is gaining bearish pace from the $3,500 resistance zone. The price is trading below $3,400 and the 100-hourly Simple Moving Average. There was a break below a key declining channel with support at $3,380 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down toward the $3,120 support zone. Ethereum Price Dives Below $3,350 Ethereum price failed to start a fresh increase above the $3,500 resistance zone. ETH started a fresh decline and traded below the $3,400 support zone. It declined by over 8% more than Bitcoin. There was a break below a key declining channel with support at $3,380 on the hourly chart of ETH/USD. The pair even declined below the $3,200 level and tested $3,180. A low is formed near $3,183 and the price is showing signs of more losses.
Read more