The recent 24 hour dip of 1% seen in Ethereum‘s valuation, bringing it down to $1,633, has caused a stir in the cryptocurrency sphere, with few standing immune to a simultaneous market-wide 0.5% regression. On weekly and monthly scales, Ethereum has slid 2% and 12% respectively, although it still registers a commendable 36% surge since the year’s commencement.
However, looking towards the brighter side, Ethereum is projected to encounter an imminent boost, thanks to recent light shed upon OnlyFans‘ parent company, Fenix International, investing significantly in the altcoin. Given Ethereum’s robust fundamentals coupled with this development, we could witness a quick ramp-up compensating the recent losses.
Examining Ethereum’s chart and indicators reveal weakened attributes, suggesting a likely bounce-back under normal circumstances. The relative strength index stands at 30, hinting overselling and massive Ethereum undervaluation against its ‘fair price’. The altcoin’s 30-day moving average has also plunged considerably beneath its 200-day average, another over-selling indicator and presenting Ethereum at a significant discount concerning recent levels.
Ethereeum’s stage is set for momentum regaining, with its support level being the key factor to fend off further descends to lower floors. Interestingly, several market experts anticipate Ethereum to touch a low of $1,400 before stepping onto the growth trajectory.
Despite this apparent bleak outlook, Ethereum’s reign as the leading altcoin is untouched, further accentuated by the recent revelation of Fenix International’s pronounced Ethereum holdings. As per Fenix’s filings, the firm procured $20 million worth of Ethereum between 2021 and 2022. Despite the current worth sliding down to $11.4 million, the unchanged holdings paint a confident vote in Ethereum’s favor.
Ethereum has been the preferred altcoin for larger stakeholders and adopters, its footage extending beyond Fenix to PayPal and the SEC backed ETH-based futures. These developments project Ethereum’s robust recovery, with prices possibly hitting $1,700 and even $1,800 in the forthcoming weeks.
Yet, Ethereum’s come back to peak levels might play out gradually, suggesting traders seeking swift outsized gains could explore promising new altcoins. An exemplary case is Wall Street Memes (WSM), a fresh ERC-20 meme token. Launched in June, the token has already rallied over $26 million, owing to its connection with the GameStop rally inflating meme stocks in 2021. WSM prides itself on its considerable online community, which will possibly ascend higher before its exchange listing in roughly a month.
Coins like WSM, with a maximum supply of two billion tokens, present a decentralized opportunity compared to other meme tokens, with the community due to receive a 30% reward allocation. Investors can participate in the pre-sale on Wall Street Memes’ official website, with one WSM priced at $0.0337, a valuation expected to inflate post trading initiation.
Source: Cryptonews
