The tumultuous waves of the cryptocurrency market bear a resilience test, and Ethereum is one stalwart protagonist in this drama. With its price swimming around $1,644, we see a marginal 24-hour dip of 3.72%, causing a tremor in its market cap, which now sits at around $197.67 billion. This presents a question about the likelihood of further losses. As Ethereum tussles with its standing at #2 on the CoinMarketCap, eyes are fixated on its future moves.
From an evaluation standpoint, Ethereum’s struggle to push past the $1,750 mark is a storyline in itself. This influenced erasure in its gains and triggered thoughts reminiscent of Bitcoin‘s trajectory. A concerning descent beneath the $1,660 line, brought Ethereum to test the $1,630 support line. The fallout kept on echoing, which could further darken the horizon if the resistance around $1,690, noticeable on the hourly ETH/USD chart, isn’t broken.
Is there light at the end of this tunnel? Viewers anticipate a breakthrough at $1,700, which may place Ethereum in a trajectory towards $1,750, and possibly $1,800. But the path to these checkpoints is strewn with resistances at $1,680 and the trend line at $1,700.
The swing could shift in the opposite direction if the $1,700 ceiling remains unbroken. In such circumstances, Ethereum could seek comfort, albeit momentarily, around $1,640 with crucial lifelines being $1,630 and $1,600. Far grimmer is the scenario where Ethereum slumps below the crucial $1,600 mark, which might deepen the descent to perilously close to $1,480.
Amid these speculations, Wall Street Memes is buzzing loud and strong. This digital currency, represented by $WSM, has seeped into the investor discourse. Backed by a popular online community, Wall Street Memes, the token has carved its spot in the financial narrative with its presale on May 26, 2023. Launched at a meager $0.025 during the initial stage, the token’s rampant demand pushed collections past $300,000 on day one, with the final tally standing at an impressive $25 million.
The token currently enters the market at $0.0337, indicating a surge in interest. This could potentially prove a fertile soil for investors to grow their assets. However, considering the nature of the cryptocurrency world, the possibility of sudden loss cannot be disregarded. Regardless, one ought to remember, risk and growth often go hand in hand in the world of finance.
Source: Cryptonews
