In the aura of economic instability and prolongation in the evaluation of Bitcoin ETFs, the cryptocurrency market led by a pack of tokens including ETH has taken a downward journey in the last week. As of today, Ethereum is priced at $1,629 denoting a 0.5% growth in the past 24 hours, yet overall, a loss of 5% within the last seven days. The recent falls, however, do not overshadow the overcast silver lining. If significant indicators are anything to go by, Ethereum’s 30-day moving average is drooping below its 200-day average, representing a phase of correction and recovery. Signals suggest the coin’s relative strength index is below 40 and alludes to an upcoming recovery, with buyers estimated to leverage ETH’s marked-down price.
On the contrary, as the levels of support shrank in the previous weeks and by taking cognizance of a recent Whale Alerts post, it revealed a major investor moving approximately $34.7 million in ETH to Coinbase. This slightly deters us from wholly accepting a swift recovery and recommends the price may dip lower prior to an effective rebound.
Nevertheless, given the sturdy fundamentals of Ethereum, the potential for recovery seems strong once market conditions improve. Holding its sway in DeFi and other blockchain sectors with its total value locked accounting for 56% of the overall ecosystem, Ethereum proves to be the dominator. Moreover, the announcement of PayPal launching its own stablecoin infers a positive impact on Ethereum as the coin is designed to function on it. Coupled with its deflationary trait, Ethereum could be the perfect fit in the portfolio of any investor willing to play on a few reliable coins.
Looking at future predictions, experts surmise the price of ETH to hover around $1,700 to $1,800 in the upcoming months and potentially reach $2,000 by the start of the next year.
However, those seeking faster gains might look to diversify their portfolio by investing in new altcoins, especially those prepping for big rallies post their listing on exchanges. Take for instance, Wall Street Memes (WSM), a new ERC-20 meme token that has collected over $25 million in recent months. Decentralized by nature, with 50% of its 2 million max supply for presale and 30% for community rewards, WSM looks promising. There’s just three weeks before new buyers can join the sale via the official Wall Street Memes site.
Taking a step back, despite the initially mentioned dip and uptick signals, the overlying sentiment hints bullish for Ethereum and new altcoins, specifically those like WSM readying for presale and big rallies post listing.
Source: Cryptonews
