Today, we turn our eyes to Ethereum, the seemingly unshakeable altcoin that has recorded an increment of 1.5% within the last 24-hours, positioning its value at $1,881 from TradingView data. A 7% growth within the past month paints a positive picture, despite a 3.5% drop over the last week. Further, Ethereum appears quite robust as it continues to hold its fort above the $1,800 level amidst the current unfavourable market conditions.
The narrative around Ethereum continues to gain momentum, considering the considerable increase in its relative strength index. Additionally, Ethereum’s 30-day moving average is on the brink of dipping below its 200-day average, a key indication of the recent dip’s bottom. This suggests that the coin could be on the upward trend in the very near future, potentially testing the $1,900 to $1,950 bracket within the next few days.
A longer-term view into Ethereum exhibits the possibilities of an altcoin ready for sustained increases, especially given its stellar fundamentals. Since last year’s successful Merge roll-out, Ethereum has been on a deflationary path, recording a 0.3% supply decline. Concurrently, the introduction of staking and withdrawal mechanisms has locked up more ETH in the system, creating a supply squeeze likely to drive the coin’s price upwards. About 23 million ETH (approximately 20% of the overall supply) is presently staked.
As Ethereum continues to command more than half the total value locked in the cryptocurrency sector, it could indeed attract increased adoption, primarily with its move to a proof-of-stake mechanism. All these factors could see Ethereum reach the $2,000 mark by summer’s end, and potentially crawl towards $2,500 by this year’s end.
While Ethereum’s predicted gradual gains hint at its strength, traders angling for quick, substantial returns might want to consider presale tokens. The Wall Street Memes (WSM) token, which recently entered the market, and already raised over $14 million, could be an interesting choice. This ERC-20 token’s ties to the online meme stocks movement, responsible for the notorious 2021 GameStop and AMC rallies, is poised to rally hard post-listing, especially with a 50% allocation of its supply to the sale, and a 30% allotment to community rewards.
The seemingly rapid growth of WSM’s investor community appears to be in its favor, currently boasting over 250,000 Twitter followers. Wall Street Memes has taken an interesting approach – crypto enthusiasts eager to jump on the bandwagon can acquire 1 WSM at a cost of $0.0313, potentially climbing beyond the sale close price of $0.0337. However, as with any crypto investment, careful consideration is advised due to the high-risk nature of these asset classes.
Source: Cryptonews
